Settlement Proposal Announced in SEB Investment vs. Wells Fargo Securities Case

Overview of the Proposed Settlement in SEB Investment Management AB v. Wells Fargo

Kessler Topaz Meltzer & Check, LLP has announced a significant development in the securities class action case involving SEB Investment Management AB and Wells Fargo & Company. This case originated from allegations regarding the wrongful actions of Wells Fargo in connection with its common stock transactions between February 24, 2021, and June 9, 2022. On December 11, 2025, it was revealed that a proposed settlement of $85 million has been reached, pending court approval.

Details of the Settlement Proposal

According to the announcement, this settlement aims to benefit all parties who purchased or acquired Wells Fargo common stock during the specified period and sustained damages as a result. The announcement serves as a formal notification under the rules of the United States District Court for the Northern District of California, marking a crucial step in the legal proceedings.

For class members, this summary is essential as it outlines their rights and potential entitlements stemming from the pending action. The Plaintiffs, SEB Investment Management AB and the West Palm Beach Firefighters' Pension Fund, have secured a settlement that, if confirmed by the court, will resolve all claims in the action.

Upcoming Settlement Hearing

A hearing is scheduled for May 5, 2026, at 2:00 PM Pacific Time. During this session, Judge Trina L. Thompson will evaluate whether the terms of the settlement are fair and adequate for the affected individuals and entities. It will also determine if the action should be permanently dismissed against the listed defendants, including Wells Fargo executives Charles W. Scharf, Kleber R. Santos, and Carly Sanchez.

Eligibility and Claim Submission

Members of the affected class are urged to pay close attention to the settlement details. To be eligible for a share of the settlement fund, it is crucial that class members submit a Claim Form by mail or online no later than April 14, 2026. This includes those who may have previously opted out of the class and now wish to rejoin to receive potential benefits from the settlement.

This notification underscores the importance of adhering to the specific guidelines laid down in the full notice, which is available on the case website, www.WellsFargoSecuritiesAction.com. Class members should also be aware that any objections to the settlement must be filed by the same deadline.

Conclusion

As the proceedings continue, it is vital for anyone involved in this class action lawsuit to stay informed about developments. The Kessler Topaz Meltzer & Check, LLP law firm is managing this case, providing resources and guidance to affected individuals. For further inquiries, parties can reach out to the Claims Administrator or the class counsel for clarity and assistance regarding their options in the settlement process.

With the forthcoming hearing, stakeholders eagerly await a resolution that appears poised to bring closure to a turbulent chapter in Wells Fargo's legal history.