UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934 

Release No. 95733 / September 12, 2022

ADMINISTRATIVE PROCEEDING

File No. 3-19704

In the Matter of

Wells Fargo & Company,

Respondent.

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ORDER DIRECTING 

DISBURSEMENT OF FAIR FUND

On August 6, 2020, the Commission published a Notice of Proposed Plan of Distribution 

and Opportunity for Comment (“Notice”),1pursuant to Rule 1103 of the Commission’s Rules on 

Fair Fund and Disgorgement Plans (“Commission’s Rules”);2and simultaneously posted the 

Proposed Plan of Distribution (the “Proposed Plan”). The Notice advised interested persons that 

they could obtain a copy of the Proposed Plan from the Commission’s public website or by 

submitting a written request to Catherine Pappas, United States Securities and Exchange 

Commission, One Penn Center, 1617 JFK Blvd., Ste. 520, Philadelphia, PA 19103. The Notice 

also advised that all persons desiring to comment on the Proposed Plan could submit their 

comments, in writing, within 30 days of the Notice. The Commission received one comment on 

the Proposed Plan during the comment period. On January 11, 2021, after thorough review and 

 

1

 Exchange Act Rel. No. 89501 (Aug. 6, 2020).

2

 17 C.F.R. § 201.1103.
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substantial consideration, the Commission issued an order approving the Proposed Plan without 

modification,3and posted the approved Plan of Distribution (the “Plan”). 

The Plan provides for the distribution of the Fair Fund, plus accumulated interest, less 

taxes and investment fees, to the harmed investors according to the methodology set forth in the 

Plan. In accordance with the Plan, the Claims Bar Date4has passed and the Fund Administrator 

has processed all timely submitted claims. All investors whose claims have been denied, in 

whole or in part, have been notified and provided the opportunity to cure.

Pursuant to the Plan, the Fund Administrator has submitted a payment file to Commission 

staff with a reasonable assurances letter as to the completeness and accuracy of the information 

contained therein. The Commission staff has reviewed and accepted the payment file and 

requests, pursuant to Rule 1101(b)(6) of the Commission’s Rules, 17 C.F.R. § 201.1101(b)(6), 

that the Commission authorize the transfer of $452,175,789.98 from the Fair Fund to the Fair 

Fund’s escrow account at The Huntington National Bank for distribution by the Fund 

Administrator to the Eligible Claimants in accordance with the Plan. 

Accordingly, it is hereby ORDERED, that Commission staff shall transfer 

$452,175,789.98 from the Fair Fund to the Fair Fund’s escrow account at The Huntington 

National Bank, and the Fund Administrator shall distribute such monies to the Eligible Claimants 

in accordance with the Plan. 

For the Commission, by the Division of Enforcement, pursuant to delegated authority.5

Vanessa A. Countryman

Secretary 

 

3

 See Order Approving Plan of Distribution, Exchange Act Rel. No. 90898 (Jan. 11, 2021).

4

 All capitalized terms used herein but not defined shall have the same meanings ascribed to them in the Plan. 

5

 17 C.F.R. § 200.30-4(a)(21)(v).