Labor/Employment,
Civil Litigation,
Banking
Jun. 30, 2022
Stockholder proposed class action says flubbed diverse hiring plan caused stock drop
While this action is the first to be filed against the financial institution for alleged securities violations relating to the hiring program, the program itself was instituted following an August 2020 settlement of $7.8 million with the Department of Labor, which had alleged racial and gender discrimination.
A stockholder filed a proposed class action against Wells Fargo and its executives, claiming the bank misrepresented its diverse hiring program which, the plaintiffs allege, caused irreparable harm to the stock price.
While this action is the first to be filed against the financial institution for alleged securities violations relating to the hiring program, the program itself was instituted following an August 2020 settlement of $7.8 mill...
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