Lawsuit Overview
Settlement Overview
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January 2, 2014 - The court ordered the authorization of the distribution of the net settlement fund.
June 12, 2012 -The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
January 27, 2012 - The court preliminarily approved the settlement.
January 20, 2012 - Parties filed a stipulation of settlement.
July 8, 2011 - The U.S. Court of Appeals for the 2nd Circuit so ordered a stipulation entered by all parties withdrawing the lead plaintiff's appeal without prejudice to reinstatement.
April 29, 2011 - The lead plaintiff filed a notice of appeal.
March 31, 2011 - The court granted the defendants' motions to dismiss and ordered the case closed.
July 14, 2010 - The defendants filed motions to dismiss.
May 28, 2010 - The lead plaintiff filed a second amended consolidated complaint.
May 3, 2010 - The court granted lead plaintiff leave to amend.
August 20, 2009 - The court ordered this case to be consolidated with three other cases.
March 19, 2009 - The defendants filed motions to dismiss.
December 15, 2008 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who a) purchased Wachovia Corporation (NYSE: WB) common shares between May 8, 2006 and September 29, 2008 and b) a subclass of all persons who acquired Wachovia Corporation common stock through Wachovia Corporation’s acquisition of Golden West Financial Corporation, and/or its acquisition of AG Edwards Inc, and/or Wachovia Corporation’s April 14, 2008 common stock offering. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between May 8, 2006 and September 29, 2008.
October 9, 2008 - The lead plaintiff and lead counsel were appointed.
August 8, 2008 - Lead plaintiff motions were filed.
July 7, 2008 - An investor in shares of Wachovia Corporation (NYSE: WB) filed a lawsuit in the U.S. District Court for the Southern District of New York against Wachovia Corporation over alleged violations of Federal Securities Laws between May 8, 2006 and June 6, 2008.
The complaint alleges Wachovia Corporation issued materially false and misleading statements regarding Wachovia Corporation’s business and financial results and concealed Wachovia Corporation’s extremely aggressive residential mortgage lending practices, its failure to write down impaired securities containing subprime debt, its poor internal controls and its improper practices with respect to auction rate securities. As a result of defendants’ false statements, Wachovia Corporation stock traded at artificially inflated prices between May 8, 2006 and June 6, 2008 reaching a high of $58.80 per share in February 2007.