Wells Fargo ESOP Settlement, Check If You Qualify — Randall v. GreatBanc Trust Co., No. 0:22-cv-02354

Wells Fargo ESOP Settlement — Key Facts

Field	Detail
Settlement Amount	$84,000,000
Claim Deadline	None — automatic distribution
Who Qualifies	401(k) Plan participants/beneficiaries with ESOP Fund holdings, 9/27/2016–12/30/2022 (~425,000 people)
Estimated Payout	Varies by individual holdings — no flat per-person figure
Proof Required	No — calculated from Plan records
Settlement Status	Final approval granted; payments issued
Court & Case Number	U.S. District Court, D. Minnesota — No. 0:22-cv-02354
Law Alleged	ERISA — breach of fiduciary duty, prohibited transactions
Administrator	Simpluris
Official Claim Site	wellsfargoesopsettlement.com
Last Updated	August 20, 2026

Who Is Wells Fargo and Why Are They Being Sued for ESOP Mismanagement?

Wells Fargo ran an Employee Stock Ownership Plan inside its 401(k), and that ESOP held Wells Fargo preferred stock that paid dividends. Plaintiffs said the company used those dividends — money that belonged to the plan — to cover part of its own employer matching contribution instead of passing it through to workers. GreatBanc Trust Company, the independent fiduciary hired to watch over the ESOP, allegedly went along with it.

What Did Wells Fargo Do to Plan Participants Between 2016 and 2022?

ERISA requires companies running retirement plans to act solely in participants’ interest — that’s the fiduciary duty at the center of this case. Plaintiffs Aryne Randall, Scott Kuhn, and Peter Morrissey argued Wells Fargo violated it by treating the ESOP’s dividend income as a funding source for its own matching obligation, on 14 separate dates across the class period. GreatBanc, as the ESOP’s trustee, was accused of knowing about it and not stepping in.

Wells Fargo and GreatBanc deny all of it. Neither has admitted fault, and the settlement doesn’t say they broke the law. But $84 million changed hands, and that’s rarely nothing.

Honestly, the 14-date structure is the part most coverage of this case glosses over — it’s not “here’s what you get for being enrolled,” it’s a calculation tied to exactly when the alleged diversion happened.

Are You Part of the Wells Fargo ESOP Settlement?

Here’s exactly how to know if this case includes you.

• Current employees who held any portion of their account in the Wells Fargo ESOP Fund between September 27, 2016, and December 30, 2022
• Former employees with the same ESOP holdings during that window, even if their Plan account is now closed
• Beneficiaries or alternate payees of someone who qualifies under either of the above
• Anyone who received a notice from Simpluris, the settlement administrator, about this case

You didn’t need to file anything to be included. This is a mandatory class — the court didn’t give members the option to opt out once it approved the deal.

Wells Fargo ESOP Participants Outside Minnesota — Are You Still Covered?

This is federal, not state-based. The case covers the nationwide Wells Fargo & Company 401(k) Plan, so it doesn’t matter which state you worked in.

Not sure whether your ESOP holdings during that window qualify you, or whether a payment you received matches what you’re owed? A free consultation with an ERISA benefits attorney can help you make sense of the plan documents before you decide anything.

How Much Did Wells Fargo ESOP Settlement Members Get?

There’s no single number here — payments were calculated individually. The Net Settlement Fund (the $84 million minus attorneys’ fees, administrative costs, and service awards) was divided based on each person’s ESOP Fund holdings at each of the 14 dates when preferred-stock dividends were used to fund matching contributions. More holdings during those windows meant a bigger share.

Class Counsel asked the court for fees up to one-quarter of the fund — up to $21,000,000 — plus service awards of up to $25,000 each for the three named plaintiffs. Those get deducted before anyone else’s check is calculated.

Current participants had their share deposited straight into their Plan account. Former participants got a check, unless they filed a rollover election in time to send it into an IRA instead.

Payments over $600 may appear on a 1099. Check with a tax professional before you assume the whole amount is tax-free.

That’s the trade-off with pro-rata funds like this one: nobody gets a headline number, but nobody had to do the math themselves either.

Should Wells Fargo ESOP Class Members Have Opted Out or Objected?

That window has closed, but here’s what it looked like. This settlement never offered an opt-out. Because the court certified it as a mandatory class, members couldn’t exclude themselves and keep the right to sue separately — everyone with qualifying ESOP holdings was bound once the judge signed off.

Objecting was still possible. The deadline was February 26, 2026, and objections had to go in writing to the court, class counsel, and defense counsel, naming the case and stating specific grounds. The court held its Fairness Hearing on March 17, 2026, and granted final approval on April 20, 2026.

If a dispute over your specific payment comes up now, that’s a different conversation — worth raising with an ERISA benefits attorney rather than the court.

What Happens Now for Wells Fargo ESOP Class Members?

1. Check your Plan account or bank records — payments were deposited or mailed starting August 13, 2026.
2. If you’re a former participant who requested a rollover, confirm it landed in the right account.
3. Keep any notice or 1099 you receive for tax records.
4. If you never got a notice but believe you had ESOP holdings during the class period, contact the administrator directly — don’t assume you’re excluded.
5. Call Simpluris at (833) 647-8979 with payment-specific questions. Don’t contact the court or defense counsel for case information.

Wells Fargo ESOP Settlement — Frequently Asked Questions, No. 0:22-cv-02354

Did I need to file a claim to get money from the Wells Fargo ESOP settlement?

 No. This settlement paid automatically based on Plan records. The only form involved was optional — for former participants who wanted their payment rolled into an IRA instead of a check.

Is the Wells Fargo ESOP settlement legitimate? 

Yes. It resulted from a federal ERISA lawsuit in the District of Minnesota, and Judge Laura M. Provinzino granted final approval on April 20, 2026 after a Fairness Hearing.

When were Wells Fargo ESOP settlement payments sent?

 Simpluris issued payments on August 13, 2026 — either as a direct deposit into an open Plan account or a check to former participants.

What if I think I qualified but never got a notice?

 Contact the settlement administrator, Simpluris, at (833) 647-8979 rather than assuming you’re excluded — notices go out based on Plan recordkeeping, which isn’t always current.

Will my Wells Fargo ESOP settlement payment show up on a 1099?

 It might. Payments over $600 can be reported. Talk to a tax professional about how your specific payment was classified.

Could I have opted out of this settlement?

 No. The court certified this as a mandatory class action, meaning members couldn’t exclude themselves once it was approved.

How much did Wells Fargo pay in attorneys’ fees for this case? 

Class Counsel could seek up to one-quarter of the $84 million fund — as much as $21,000,000 — plus up to $75,000 combined in service awards for the three named plaintiffs, all subject to court approval.

What law did Wells Fargo allegedly violate?

 The Employee Retirement Income Security Act (ERISA), specifically its fiduciary-duty and prohibited-transaction provisions governing how retirement plan assets can be used.

Sources Used in This Wells Fargo ESOP Article

• Official Settlement Site — Randall v. GreatBanc Trust Co. et al., Simpluris: https://wellsfargoesopsettlement.com/
• Final Approval Order — Doc. 246, D. Minn., April 20, 2026: https://law.justia.com/cases/federal/district-courts/minnesota/mndce/0:2022cv02354/203308/246/
• Class FAQ — https://wellsfargoesopsettlement.com/faq/
• Class Counsel Press Release — Feinberg, Jackson, Worthman & Wasow LLP: https://feinbergjackson.com/post_news/wells-fargo-esop-settlement/

Researched and written by Israr Ahmad, legal content researcher and founder of AllAboutLawyer.com. All facts verified against the official settlement website, the court’s final approval order, and class counsel’s press release, as of August 20, 2026. Last Updated: August 20, 2026.

This article is for informational purposes only and does not constitute legal advice. Laws vary by state and individual circumstances differ. For advice about your specific situation, consult a qualified attorney.