Closed to new claimsRetirement / ERISAWells Fargo $84 Million ESOP 401(k) Settlement: Payout Status
Last updated: July 14, 2026
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The Wells Fargo ESOP settlement is an $84 million class action settlement resolving claims that Wells Fargo & Company, the national bank, breached its duties under the Employee Retirement Income Security Act (ERISA) by using dividends paid on the retirement plan's preferred stock to offset — and reduce — its own matching contributions to the Wells Fargo & Co. 401(k) Plan. No claim form is or was ever required: the roughly 425,000 current and former plan participants who held the Wells Fargo ESOP Fund between September 27, 2016 and December 30, 2022 will be paid automatically. The court granted final approval on April 20, 2026, and distributions are expected during 2026.
The case, Randall v. GreatBanc Trust Co. (Case No. 22-cv-2354-LMP-SGE, U.S. District Court for the District of Minnesota), named GreatBanc Trust Company, Wells Fargo & Company, and former Wells Fargo CEO Timothy J. Sloan as defendants. Payments are calculated pro rata based on each participant's ESOP Fund holdings during the class period, so the amount varies per person and no fixed per-person figure has been published. Current 401(k) participants receive their share by deposit into their plan account; former participants receive a check mailed to the address on file.
Key facts
- Settlement fund
- $84,000,000
- Payout
- Pro rata (varies by holdings)
- Class period
- Sept. 27, 2016 – Dec. 30, 2022
- Class size
- ~425,000 participants
- Claim required
- No — payment is automatic
- Final approval
- Granted April 20, 2026
- Distributions expected
- During 2026
- Case number
- 22-cv-2354-LMP-SGE (D. Minn.)
Official settlement administrator: wellsfargoesopsettlement.com
Who qualifies
- You were a current or former employee who participated in the Wells Fargo & Co. 401(k) Plan at any time between September 27, 2016 and December 30, 2022.
- You held any portion of your plan account in the Wells Fargo ESOP Fund during that class period.
- No claim form was required — the settlement is non-reversionary and eligible participants are paid automatically. There was no option to exclude yourself from the class.
- Former participants should confirm the settlement administrator has their current mailing address so a mailed check is not delayed.
Wells Fargo ESOP settlement payout status — what happens now
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Final approval was granted on April 20, 2026
The U.S. District Court for the District of Minnesota granted final approval of the $84 million settlement on April 20, 2026, after the final approval hearing on March 17, 2026. Once approved, the settlement moves into the distribution phase.
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No claim form is needed
Payment is automatic for eligible current and former participants. There was never a claim form to file and no way to opt out — the settlement resolves the claims on behalf of the entire class.
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How payments are made
Current 401(k) participants receive their share as a deposit into their plan account. Former participants receive a check mailed to their address on file (or may elect a rollover). Each share is calculated pro rata based on the participant's Wells Fargo ESOP Fund holdings during the class period.
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How to check your Wells Fargo ESOP settlement status
Track the case and update your mailing address through the official administrator site, wellsfargoesopsettlement.com, operated by Simpluris, or call the settlement help line listed there. No exact mailing date has been published; distributions are expected during 2026.
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Frequently asked questions
When will I get my Wells Fargo ESOP settlement check?
The court granted final approval on April 20, 2026, and distributions are expected during 2026. No exact mailing date has been published. Current 401(k) participants are paid by deposit into their plan account; former participants receive a mailed check, so keeping your address current with the administrator helps avoid delays.
How much is the Wells Fargo ESOP settlement payout per person?
There is no fixed per-person amount. Each share is calculated pro rata based on how much of the Wells Fargo ESOP Fund you held during the class period, so payouts vary widely. No official average has been published. The gross fund is $84 million, less court-approved attorney fees of about $20 million.
Do I need to file a claim for the Wells Fargo ESOP settlement?
No. Payment is automatic for eligible current and former Wells Fargo 401(k) participants. There was never a claim form to submit and no option to opt out of the class.
What was the Wells Fargo ESOP 401(k) lawsuit about?
The lawsuit, Randall v. GreatBanc Trust Co., alleged that Wells Fargo & Company breached its ERISA fiduciary duties by using dividends paid on the retirement plan's ESOP preferred stock to offset and reduce the company's own matching contributions to the Wells Fargo & Co. 401(k) Plan.
Who qualifies for the Wells Fargo ESOP settlement?
Current or former employees who participated in the Wells Fargo & Co. 401(k) Plan between September 27, 2016 and December 30, 2022 and held any portion of their account in the Wells Fargo ESOP Fund during that period. The class is estimated at about 425,000 participants.
Is the Wells Fargo ESOP settlement legit?
Yes. It is a court-approved class action settlement in the U.S. District Court for the District of Minnesota (Case No. 22-cv-2354-LMP-SGE), administered by Simpluris at wellsfargoesopsettlement.com. Final approval was granted on April 20, 2026.
I was a former Wells Fargo employee — how do I make sure I get paid?
Confirm the settlement administrator, Simpluris, has your current mailing address so your check is not returned or delayed. You do not need to file a claim; former participants are paid by mailed check unless they elect a rollover.
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