Company: WFC-PC
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000072971-25-000253
Chunk: 163

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 10
Chunk 163
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 certain securities used in connection with the Company’s contributions to the 401(k) plan. In October 2025, the Company entered into an agreement, subject to court approval, pursuant to which the Company agreed to pay $84 million in order to resolve the lawsuit.HIRING PRACTICES MATTERS.  Government agencies, including the United States Department of Justice and the United States Securities and Exchange Commission (SEC), have undertaken formal or informal inquiries or investigations regarding the Company’s hiring practices related to diversity. The United States Department of Justice and the SEC have since closed their investigations without taking action. A securities fraud class action has also been filed in the United States District Court for the Northern District of California alleging that the Company and certain of its executive officers made false or misleading statements about the Company’s hiring practices related to diversity. In October 2025, the Company entered into an agreement, subject to court approval, pursuant to which the Company agreed to pay $85 million in order to resolve the securities fraud class action. Allegations related to the Company’s hiring practices related to diversity are also among the subjects of shareholder derivative lawsuits pending in the United States District Court for the Northern District of California. In October 2025, the Company entered into an agreement, subject to court approval, to resolve the shareholder derivative lawsuits.HOME MORTGAGE DISCRIMINATION LITIGATION.  Plaintiffs proposing to represent a class of home mortgage applicants and customers filed putative class actions against Wells Fargo alleging that Wells Fargo’s mortgage lending policies and practices resulted in disparate treatment and disparate impact against minority applicants. These actions have been consolidated in the United States District Court for the Northern District of California. In August 2025, the district court denied class certification and plaintiffs have appealed the court’s decision. Similar allegations related to the Company’s home mortgage lending practices are also among the subjects of shareholder derivative lawsuits pending in the United States District Court for the Northern District of California. In October 2025, the Company entered into an agreement, subject to court approval, to resolve the shareholder derivative lawsuits.INTERCHANGE LITIGATION.  Plaintiffs representing a class of merchants have filed putative class actions, and individual merchants have filed individual actions, alleging that Visa and Mastercard, as well as certain payment card issuing banks including Wells Fargo, unlawfully colluded to set interchange rates associated with Visa and Mastercard payment card transactions and that enforcement of certain Visa and Mastercard rules and alleged tying and bundling of services offered to merchants were anticompetitive. These actions