SEB Investment Management AB et al v. Wells Fargo & Company et al

  1. July 29, 2024

    Wells Fargo Can't Escape Investors' Sham Diverse Hiring Suit

    A California federal judge refused to throw out a proposed securities class action against Wells Fargo alleging it conducted sham interviews to meet diversity targets that triggered a stock drop when the truth came to light, finding Monday that the investors had plausibly alleged the bank's ill-will.

  2. January 31, 2024

    Wells Fargo Rips Investors' Claim Diversity Goal Was 'Kabuki'

    Wells Fargo urged a California federal judge on Tuesday to toss a proposed securities class action alleging the bank conducted sham interviews to meet diversity targets triggering a stock drop when the truth came to light, arguing there may have been preferred candidates, but that doesn't mean the interviews were "kabuki."

  3. January 03, 2024

    Wells Fargo Says Investors' Sham Diverse Hiring Claims Fail

    Wells Fargo investors still cannot show the bank had a widespread practice of holding sham interviews in an initiative aimed at promoting diversity, even after they were given another shot at bringing their previously dismissed case, the bank told a California federal judge.

  4. December 11, 2023

    Wells Fargo Investors Say Diverse Hiring Suit Passes Muster

    Wells Fargo investors who are suing the bank over its alleged practice of conducting fake interviews to meet internal diversity targets have urged a California federal judge not to toss their amended complaint, arguing that their new allegations and accounts of nine former employees fully support their claims and meet the suit's pleading standards.

  5. October 24, 2023

    Wells Fargo Says Diverse Hiring Suit Can't Overcome Its Flaws

    Wells Fargo urged a California federal judge Thursday to toss an amended investor class action over the bank's alleged practice of conducting fake interviews to meet internal diversity targets, arguing that, among other things, the accounts of nine new confidential witnesses are vague, speculative and offer nothing new to the allegations.

  6. September 11, 2023

    Wells Fargo Investors Beef Up Diverse Hiring Suit On 2nd Try

    Investors in a class action against Wells Fargo & Co. over the bank's alleged practice of conducting fake interviews to meet internal diversity targets have filed an amended complaint that heavily relies on documents produced in two similar derivative actions against the bank, purporting to show that the top brass of Wells Fargo knew of the fraud.

  7. August 21, 2023

    Wells Fargo Escapes Investors' 'Sham' Hiring Suit, For Now

    Wells Fargo has shaken off a proposed class action accusing it of conducting fake interviews in order to meet internal diversity targets, with a California federal judge saying the suing shareholders didn't provide evidence that the "sham" interviews reported on in the media were a widespread problem at the bank.

  8. August 15, 2023

    Wells Fargo Pans Suit Alleging 'Sham' Diversity Interviews

    Wells Fargo urged a San Francisco federal judge on Tuesday to toss a proposed investor class action alleging the bank conducted "sham" job interviews to satisfy stated diversity goals, saying the plaintiffs didn't show that company statements about the diversity program were false or that executives knew of the alleged wrongdoing.

  9. July 18, 2023

    Wells Fargo Says Investors 'Made Up' Key Sham Hiring Claim

    Wells Fargo has urged a San Francisco federal judge to toss a proposed investor class action alleging the bank interviewed job candidates for filled roles to satisfy its own diversity initiative criteria, arguing that the investors "made up" their allegation that more than 25 sources have confirmed the sham interviews were a systemic issue.

  10. June 05, 2023

    Investors Defend Wells Fargo Suit Over Diversity Hiring Policy

    Investors suing Wells Fargo over a diversity hiring policy that allegedly led to sham job interviews at the bank urged a California federal judge on Friday to allow their case to proceed, saying they have plausibly pled claims for securities fraud based on how the policy was glowingly pitched to the market.