Company: WFC-PC
Filing Date: 2025-06-18
Form Type: 11-K
Source: 0000072971-25-000160
Chunk: 15

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-06-18
Form: 11-K
Chunk 15
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 and others ( Randall v. GreatBanc Trust Company, et. al. , Case No. 22-cv-02354 (D. Minn.)). The lawsuit alleges that the defendants are fiduciaries and that they breached their fiduciary duties under the ERISA and violated other provisions of ERISA in connection with certain employee stock ownership plan loan transactions.

On December 16, 2022, defendants filed a motion to dismiss the complaint. On January 6, 2023, plaintiffs filed an amended complaint and sought certain jurisdictional discovery. On March 28, 2023, the court granted plaintiffs’ motion seeking certain jurisdictional discovery.

On July 25, 2023, defendants filed a motion to dismiss plaintiffs’ first amended complaint. On February 13, 2024, the Court denied defendants’ motion to dismiss. Defendants filed answers on March 11, 2024. Fact discovery has been completed, and the parties filed cross-motions for summary judgment.

b) On June 11, 2024, a former Wells Fargo employee filed a putative class action in the United States District Court for the Northern District of California against Wells Fargo, the Human Resources Committee of the Board of Directors, the Employee Benefits Review Committee, and other unnamed defendants ( Matula v. Wells Fargo & Co., et al., Case 3:24-cv-03504-LB (N.D. Ca.)). The complaint alleges that defendants breached their fiduciary duties by using forfeited 401(k) Plan assets to reduce the Company’s employer contributions instead of distributing the assets to participants or using the assets to reduce Plan administrative expenses.

On September 18, 2024, the court granted the parties’ stipulation to transfer the action to the District of Minnesota. Defendants’ motion to dismiss was filed on October 18, 2024. The court held a hearing on defendants’ motion to dismiss on May 6, 2025.

(12)

#### Subsequent Events
The Plan has evaluated subsequent events from December 31, 2024 through June 18, 2025, the date on which the financial statements were issued. Except as noted below, there have been no material events that would require additional recognition in the financial statements or disclosures to the financial statements.

Effective January 1, 2025, the Plan was amended and restated. In connection with this restatement, the Plan was amended to (i) adopt disaster relief distributions in accordance with SECURE Act