KREEK V. WELLS FARGO & COMPANY



This is a class action lawsuit against Wells Fargo for creating undisclosed material conflicts of interest by entering into revenue-sharing agreements with broker-dealers and other intermediaries selling the Wells Fargo Funds.

 

This case was filed in U.S. District Court for the Northern District of California. This case was settled in 2011, and a stipulation of dismissal with prejudice was filed on July 18, 2011.

 

  • Parties Execute Settlement Agreements in Case
    On July 18, 2011, the parties filed a Stipulation to dismiss this case with prejudice, as a result of agreements between the parties to settle the dispute.
  • Plaintiffs File Brief in Opposition to Motion to Dismiss
    On March 6, 2009, the plaintiffs filed a Brief in Opposition to the Motion to Dismiss. In their Brief, the plaintiffs argued that the statute of limitations was properly tolled due to a related action in Siemers v. Wells Fargo & Co. The plaintiffs also argued that using $360 million of investor money for revenue-sharing payments is material to those investors.
  • Defendants File Motion to Dismiss the Case
    On January 22, 2009, the defendants filed a Motion to Dismiss this lawsuit. The defendants argued that the claims by the plaintiffs are barred by a 2-year statute of limitations. The defendants also argued that there was no statutory or regulatory obligation to disclose revenue-sharing programs and any lack of disclosure on the part of Wells Fargo was not material to investors.
  • Plaintiffs File Amended Class Action Complaint Against Wells Fargo
    On November 26, 2008, the plaintiffs filed an amended class action complaint alleging that defendants charged excessive and improper fees to the Wells Fargo Funds and their investors that should have been invested in the underlying portfolio. The plaintiffs also alleged that the defendants did not properly disclose to investors their pre-existing and ongoing revenue-sharing arrangements.
  • Plaintiffs File Class Action Complaint Against Wells Fargo
    On April 4, 2008, the plaintiffs filed a class action complaint alleging that defendants charged excessive and improper fees to the Wells Fargo Funds and their investors that should have been invested in the underlying portfolio. The plaintiffs also alleged that the defendants did not properly disclose to investors their pre-existing and ongoing revenue-sharing arrangements.
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This is a class action lawsuit against Wells Fargo for creating undisclosed material conflicts of interest by entering into revenue-sharing agreements with broker-dealers and other intermediaries selling the Wells Fargo Funds.

 

This case was filed in U.S. District Court for the Northern District of California. This case was settled in 2011, and a stipulation of dismissal with prejudice was filed on July 18, 2011.

 

Document Title: 
Parties Execute Settlement Agreements in Case
Document Desc: 
On July 18, 2011, the parties filed a Stipulation to dismiss this case with prejudice, as a result of agreements between the parties to settle the dispute.
Document Title: 
Plaintiffs File Brief in Opposition to Motion to Dismiss
Document Desc: 
On March 6, 2009, the plaintiffs filed a Brief in Opposition to the Motion to Dismiss. In their Brief, the plaintiffs argued that the statute of limitations was properly tolled due to a related action in Siemers v. Wells Fargo & Co. The plaintiffs also argued that using $360 million of investor money for revenue-sharing payments is material to those investors.
Document Title: 
Defendants File Motion to Dismiss the Case
Document Desc: 
On January 22, 2009, the defendants filed a Motion to Dismiss this lawsuit. The defendants argued that the claims by the plaintiffs are barred by a 2-year statute of limitations. The defendants also argued that there was no statutory or regulatory obligation to disclose revenue-sharing programs and any lack of disclosure on the part of Wells Fargo was not material to investors.
Document Title: 
Plaintiffs File Amended Class Action Complaint Against Wells Fargo
Document Desc: 
On November 26, 2008, the plaintiffs filed an amended class action complaint alleging that defendants charged excessive and improper fees to the Wells Fargo Funds and their investors that should have been invested in the underlying portfolio. The plaintiffs also alleged that the defendants did not properly disclose to investors their pre-existing and ongoing revenue-sharing arrangements.
Document Title: 
Plaintiffs File Class Action Complaint Against Wells Fargo
Document Desc: 
On April 4, 2008, the plaintiffs filed a class action complaint alleging that defendants charged excessive and improper fees to the Wells Fargo Funds and their investors that should have been invested in the underlying portfolio. The plaintiffs also alleged that the defendants did not properly disclose to investors their pre-existing and ongoing revenue-sharing arrangements.
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