Background: The Wells Fargo Derivative Action consolidates a series of cases brought on behalf of the shareholders of Wells Fargo & Company, alleging (among other things) that its Board of Directors breached their fiduciary duties with regards to Wells Fargo’s discriminatory hiring and lending practices.
 
BFA’s Role: On February 12, 2024, Judge Trina L. Thompson of the United States District Court for the Northern District of California appointed the City of Plantation Police Officers’ Retirement Fund, the City of Pontiac Reestablished General Employees’ Retirement System, and Amy J. Cook as co-lead plaintiffs of In re Wells Fargo & Co. Consolidated Derivative Shareholder Litigation (the “Wells Fargo Derivative Action”). The co-lead plaintiffs are represented by co-lead counsel of Bleichmar, Fonti & Auld LLP, Motley Rice LLC, and Cotchett, Pitre & McCarthy LLP.
 
In making the appointment, Judge Thompson recognized Bleichmar, Fonti & Auld LLP’s “decorated counsel” with a “demonstrated . . . capacity to settle very large derivative shareholder actions and securities class actions.”

Status: The case is currently proceeding following the appointment of lead counsel in the action.