The investors alleged the bank’s stock price plummeted after the scandal broke in 2016.
Over 1.8 million shareholders representing 1.1 billion affected shares will recover $0.35 per share, Judge Jon S. Tigar wrote for the U.S. District Court for the Northern District of California.
The court approved a $95.9 million attorneys’ fee award for class counsel, which constitutes 20 percent of the settlement fund.
The award is “within the median range of 19-22.3 percent in fees awarded in cases with large settlements over $100 million,” the court said.
Class counsel will also get $470,000 in expenses.
Robbins Geller Rudman & Dowd LLP and Bernstein Litowitz Berger Grossmann LLP represented the investors.
Sullivan and Cromwell LLP represented Wells Fargo.
The case is Hefler v. Wells Fargo & Co., 2018 BL 468579, N.D. Cal., No. 16-5479, 12/18/18.
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