IN RE WELLS FARGO & CO. SHAREHOLDER DERIVATIVE

Lead Case No. 16-cv-05541-JST.

282 F.Supp.3d 1074 (2017)

IN RE: WELLS FARGO & COMPANY SHAREHOLDER DERIVATIVE LITIGATION. This Order Relates to: All Actions.

United States District Court, N.D. California.

Signed October 4, 2017.

Editors Note
Applicable Law: 15 U.S.C. § 78m(a)
Cause: 15 U.S.C. § 78m(a) Securities Exchange Act
Nature of Suit: 850 Securities / Commodities
Source: PACER


Attorney(s) appearing for the Case

Victoria Shaev, Plaintiff, represented by Betsy Carol Manifold , Wolf Haldenstein Adler Freeman & Herz LLP.

Victoria Shaev, Plaintiff, represented by Brittany Nicole DeJong , Wolf Haldenstein Adler Freeman & Herz LLP & Rachele Renee Rickert , Wolf Haldenstein Adler Freeman & Herz LLP.

Robert Elson, IRA, Consol Plaintiff, represented by Alan Roth Plutzik , Bramson Plutzik Mahler & Birkhaeuser, LLP, Michael Stuart Strimling , Bramson Plutzik Mahler & Birkhaeuser, LLP, Robert I. Harwood , Harwood Feffer LLP, pro hac vice & Samuel K. Rosen , Harwood Feffer LLP.

Cathy LeBendig, Consol Plaintiff, represented by Barry R. Himmelstein , Himmelstein Law Network, Alexander L. Stern , Himmelstein Law Network & Cassie Springer Ayeni , Springer Ayeni, A Professional Law Corporation.

Fire & Police Pension Association of Colorado, Consol Plaintiff, represented by Richard Martin Heimann , Lieff Cabraser Heimann & Bernstein, LLP, Daniel P. Chiplock , Lieff Cabraser Heimann & Bernstein, LLP, pro hac vice, Joy Ann Kruse , Lieff Cabraser Heimann & Bernstein, LLP, Katherine Collinge Lubin , Lieff Cabraser Heimann & Bernstein, LLP, Kelly M. Dermody , Leiff Cabraser Heimann & Bernstein LLP, Michael J. Miarmi , Lieff Cabraser Heimann & Bernstein, LLP, pro hac vice, Nicholas Diamand , Lieff Cabraser Heimann & Bernstein, LLP, pro hac vice & Steven Eliott Fineman , Lieff Cabraser Heimann & Bernstein, LLP.

Public School Teachers' Pension and Retirement Fund of Chicago, Consol Plaintiff, represented by Blair Allen Nicholas , Bernstein Litowitz Berger & Grossmann, Francis A. Bottini, Jr. , Bottini & Bottini, Inc. & Mark Lebovitch , Bernstein Litowitz Berger & Grossmann LLP, pro hac vice.

Alison Sherman, Consol Plaintiff, represented by Felipe Javier Arroyo , Robbins Arroyo LLP, Brian J. Robbins , Robbins Arroyo LLP & Shane Palmesano Sanders , Robbins Arroyo LLP.

Amy Cook, Consol Plaintiff, represented by Albert Y. Chang , Bottini & Bottini, Inc., Francis A. Bottini, Jr. , Bottini & Bottini, Inc. & Yury A. Kolesnikov , Bottini & Bottini, Inc..

Police & Fire Retirement System City of Detroit, Consol Plaintiff, represented by Albert Y. Chang , Bottini & Bottini, Inc., Francis A. Bottini, Jr. , Bottini & Bottini, Inc., Mark Lebovitch , Bernstein Litowitz Berger & Grossmann LLP, pro hac vice & Yury A. Kolesnikov , Bottini & Bottini, Inc..

George Hannon, Consol Plaintiff, represented by Kip Brian Shuman , The Shuman Law Firm & Rusty Evan Glenn , The Shuman Law Firm, pro hac vice.

The City of Birmingham Retirement and Relief System, Consol Plaintiff, represented by Brian J. Robbins , Robbins Arroyo LLP, Adam David Warden , Saxena White P.A., Dianne Marie Anderson , Saxena White P.A, Felipe Javier Arroyo , Robbins Arroyo LLP, Jorge Aurelio Amador , Saxena White P.A., Joseph Edward White, III , Saxena White P.A., pro hac vice, Lester Rene Hooker , Saxena White P.A., Maya Saxena , Saxena White, P.A., pro hac vice, Richard Martin Heimann , Lieff Cabraser Heimann & Bernstein, Shane Palmesano Sanders , Robbins Arroyo LLP & Tyler A. Mamone , Saxena White P.A..

John D. Baker, II, Defendant, represented by Emily Victoria Griffen , Shearman & Sterling LLP, Jaculin Therese Aaron , Shearman & Sterling LLP, John F. Cove, Jr. , Shearman & Sterling LLP, Lisa M. Valenti-Jordan , Shearman & Sterling LLP & Stuart Jay Baskin , Shearman & Sterling LLP.

Elaine L. Chao, Defendant, represented by Emily Victoria Griffen , Shearman & Sterling LLP, Jaculin Therese Aaron , Shearman & Sterling LLP, John F. Cove, Jr. , Shearman & Sterling LLP, Lisa M. Valenti-Jordan , Shearman & Sterling LLP & Stuart Jay Baskin , Shearman & Sterling LLP.

John S. Chen, Defendant, represented by Emily Victoria Griffen , Shearman & Sterling LLP, Jaculin Therese Aaron , Shearman & Sterling LLP, John F. Cove, Jr. , Shearman & Sterling LLP, Lisa M. Valenti-Jordan , Shearman & Sterling LLP & Stuart Jay Baskin , Shearman & Sterling LLP.

Lloyd H. Dean, Defendant, represented by Emily Victoria Griffen , Shearman & Sterling LLP, Jaculin Therese Aaron , Shearman & Sterling LLP, John F. Cove, Jr. , Shearman & Sterling LLP, Lisa M. Valenti-Jordan , Shearman & Sterling LLP & Stuart Jay Baskin , Shearman & Sterling LLP.

Elizabeth A. Duke, Defendant, represented by Emily Victoria Griffen , Shearman & Sterling LLP, Jaculin Therese Aaron , Shearman & Sterling LLP, John F. Cove, Jr. , Shearman & Sterling LLP, Lisa M. Valenti-Jordan , Shearman & Sterling LLP & Stuart Jay Baskin , Shearman & Sterling LLP.

Enrique Hernandez, Jr., Defendant, represented by Emily Victoria Griffen , Shearman & Sterling LLP, Jaculin Therese Aaron , Shearman & Sterling LLP, John F. Cove, Jr. , Shearman & Sterling LLP, Lisa M. Valenti-Jordan , Shearman & Sterling LLP & Stuart Jay Baskin , Shearman & Sterling LLP.

Donald M. James, Defendant, represented by Emily Victoria Griffen , Shearman & Sterling LLP, Jaculin Therese Aaron , Shearman & Sterling LLP, John F. Cove, Jr. , Shearman & Sterling LLP, Lisa M. Valenti-Jordan , Shearman & Sterling LLP & Stuart Jay Baskin , Shearman & Sterling LLP.

Cynthia M. Milligan, Defendant, represented by Emily Victoria Griffen , Shearman & Sterling LLP, Jaculin Therese Aaron , Shearman & Sterling LLP, John F. Cove, Jr. , Shearman & Sterling LLP, Lisa M. Valenti-Jordan , Shearman & Sterling LLP & Stuart Jay Baskin , Shearman & Sterling LLP.

Federico F. Pena, Defendant, represented by Emily Victoria Griffen , Shearman & Sterling LLP, Jaculin Therese Aaron , Shearman & Sterling LLP, John F. Cove, Jr. , Shearman & Sterling LLP, Lisa M. Valenti-Jordan , Shearman & Sterling LLP & Stuart Jay Baskin , Shearman & Sterling LLP.

Stephen W. Sanger, Defendant, represented by Emily Victoria Griffen , Shearman & Sterling LLP, Jaculin Therese Aaron , Shearman & Sterling LLP, John F. Cove, Jr. , Shearman & Sterling LLP, Lisa M. Valenti-Jordan , Shearman & Sterling LLP & Stuart Jay Baskin , Shearman & Sterling LLP.

John G. Stumpf, Defendant, represented by Grant P. Fondo , Goodwin Procter LLP, Lloyd Winawer , Goodwin Procter LLP, Nicholas A. Reider , Goodwin Procter LLP & Richard M. Strassberg , Goodwin Procter LLP, pro hac vice.

Susan G. Swenson, Defendant, represented by Emily Victoria Griffen , Shearman & Sterling LLP, Jaculin Therese Aaron , Shearman & Sterling LLP, John F. Cove, Jr. , Shearman & Sterling LLP, Lisa M. Valenti-Jordan , Shearman & Sterling LLP & Stuart Jay Baskin , Shearman & Sterling LLP.

Carrie L. Tolstedt, Defendant, represented by Enu A. Mainigi , Williams and Connolly LLP, pro hac vice, Jeffrey E. Faucette , Skaggs Faucette LLP & Leslie Cooper Vigen , Williams and Connolly LLP, pro hac vice.

Suzanne M. Vautrinot, Defendant, represented by Emily Victoria Griffen , Shearman & Sterling LLP, Jaculin Therese Aaron , Shearman & Sterling LLP, John F. Cove, Jr. , Shearman & Sterling LLP, Lisa M. Valenti-Jordan , Shearman & Sterling LLP & Stuart Jay Baskin , Shearman & Sterling LLP.

John R. Shrewsberry, Defendant, represented by Katharine Ann Kates , Ramsey & Ehrlich LLP, Ismail Jomo Ramsey , Ramsey & Ehrlich LLP & Miles F. Ehrlich , Ramsey & Ehrlich LLP.

Michael J. Loughlin, Defendant, represented by Cristina C. Arguedas , Arguedas, Cassman & Headley, LLP, Laurel L. Headley , Arguedas, Cassman & Headley LLP & Ted W. Cassman , Arguedas, Cassman & Headley, LLP.

Timothy J. Sloan, Defendant, represented by Adam F. Shearer , Clarence Dyer & Cohen LLP, Josh Alan Cohen , Clarence Dyer & Cohen LLP & Nanci L. Clarence , Clarence Dyer & Cohen LLP.

Susan E. Engel, Defendant, represented by Emily Victoria Griffen , Shearman & Sterling LLP, Jaculin Therese Aaron , Shearman & Sterling LLP, John F. Cove, Jr. , Shearman & Sterling LLP, Lisa M. Valenti-Jordan , Shearman & Sterling LLP & Stuart Jay Baskin , Shearman & Sterling LLP.

Judith M. Runstad, Defendant, represented by Emily Victoria Griffen , Shearman & Sterling LLP, Jaculin Therese Aaron , Shearman & Sterling LLP, John F. Cove, Jr. , Shearman & Sterling LLP, Lisa M. Valenti-Jordan , Shearman & Sterling LLP & Stuart Jay Baskin , Shearman & Sterling LLP.

Wells Fargo & Company, Defendant, represented by Brendan P. Cullen , Sullivan & Cromwell, Christopher M. Viapiano , Sullivan & Cromwell LLP, pro hac vice, Richard H. Klapper , Sullivan and Cromwell LLP, pro hac vice & Sverker Kristoffer Hogberg , Sullivan & Cromwell LLP.

James H. Quigley, Defendant, represented by Emily Victoria Griffen , Shearman & Sterling LLP, Jaculin Therese Aaron , Shearman & Sterling LLP, John F. Cove, Jr. , Shearman & Sterling LLP, Lisa M. Valenti-Jordan , Shearman & Sterling LLP & Stuart Jay Baskin , Shearman & Sterling LLP.

The City of Birmingham Retirement and Relief System, Movant, represented by Dianne Marie Anderson , Saxena White P.A, Katherine Collinge Lubin , Lieff Cabraser Heimann & Bernstein, LLP, Lester Rene Hooker , Saxena White P.A., Richard Martin Heimann , Lieff Cabraser Heimann & Bernstein, LLP & Shane Palmesano Sanders , Robbins Arroyo LLP.

Police & Fire Retirement System City of Detroit, Movant, represented by Francis A. Bottini, Jr. , Bottini & Bottini, Inc. & Blair Allen Nicholas , Bernstein Litowitz Berger & Grossmann.

Massachusetts Laborers' Pension Fund, Intervenor, represented by Nicole Catherine Lavallee , Berman Tabacco, Daniel B. Rehns , Hach Rose Schirripa & Cheverie, LLP, Frank R. Schirripa , Hach Rose Schirripa & Cheverie, LLP, John Sutter , Berman DeValerio, Kristin J. Moody , Berman Tabacco, Lawrence J. Lederer , Berger & Montague, Nathaniel L. Orenstein , Berman DeValerio, Norman Berman , Berman DeValerio & Robin Switzenbaum , Berger Montague, P.C..

Employees' Retirement System of the City of Providence, Intervenor, represented by Nicole Catherine Lavallee , Berman Tabacco, Daniel B. Rehns , Hach Rose Schirripa & Cheverie, LLP, Frank R. Schirripa , Hach Rose Schirripa & Cheverie, LLP, John Sutter , Berman DeValerio, Kristin J. Moody , Berman Tabacco, Lawrence J. Lederer , Berger & Montague, Nathaniel L. Orenstein , Berman DeValerio, Norman Berman , Berman DeValerio & Robin Switzenbaum , Berger Montague, P.C..

Sheet Metal Workers Local 19 Pension Fund and Health and Welfare Fund, Intervenor, represented by Nicole Catherine Lavallee , Berman Tabacco, Daniel B. Rehns , Hach Rose Schirripa & Cheverie, LLP, Frank R. Schirripa , Hach Rose Schirripa & Cheverie, LLP, John Sutter , Berman DeValerio, Kristin J. Moody , Berman Tabacco, Lawrence J. Lederer , Berger & Montague, Nathaniel L. Orenstein , Berman DeValerio, Norman Berman , Berman DeValerio & Robin Switzenbaum , Berger Montague, P.C..

Teamsters Local 671 Health Services Insurance Plan, Intervenor, represented by Nicole Catherine Lavallee , Berman Tabacco, Daniel B. Rehns , Hach Rose Schirripa & Cheverie, LLP, Frank R. Schirripa , Hach Rose Schirripa & Cheverie, LLP, John Sutter , Berman DeValerio, Kristin J. Moody , Berman Tabacco, Lawrence J. Lederer , Berger & Montague, Nathaniel L. Orenstein , Berman DeValerio, Norman Berman , Berman DeValerio & Robin Switzenbaum , Berger Montague, P.C..


ORDER GRANTING IN PART AND DENYING IN PART MOTIONS TO DISMISS

Re: ECF Nos. 139, 140, 141, 143, 144

Before the Court are the Motions to Dismiss the Consolidated Amended Verified Stockholder Derivative Complaint filed by defendants John D. Baker II, Elaine L. Chao, John S. Chen, Lloyd...

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