Copied from https://www.reddit.com/r/wallstreetbets/comments/13luw1j/wells_fargo_wfc_to_pay_1_billion_compensation_to/
The story started in 2016 when Wells Fargo created millions of unauthorized customer accounts and imposed auto insurance on hundreds of thousands of clients.
Following that, in 2018, Federal Reserve issued several orders requiring to improve client practices and governance at Wells Fargo. For years the bank has been working under consent orders and reported to investors significant improvements over the past situation and did not mention any compliance issues.
Until Marth 2020, when governmental reports revealed the fact that Wells Fargo is unable to stop harming its customers and comply with the issued earlier orders. Right after the reports were published stock plunged from 47$ to $30 causing investors billions in losses.
And just now, Wells Fargo decided to pay its former shareholders $1 billion in compensation while denying all the allegations. Attorneys will take up to 19% of that sum, everything else will go directly to the shareholders.
Any investor who has traded $WFC could be eligible for part of that money. You can file for compensation here. (also you can prepare the documents yourself and send them to the settlement administrator's address)
submitted by /u/liquefire81