Any tips or hints on how to figure out if Wells ows you anything? I am just a mere-mortal team member, with a 401k plan, trying to get my tiny morsel of the settlement.
8 replies (most recent on top)
Can you clarify this sentence?
“If the company put shares in your 401k you can't claim a piece of the settlement if you never moved the shares out into another 401k investment.”
Why would they penalize employees who held on to the stock?
Call Empower and they’ll send you the info.
I sent in all of my paperwork and got an acknowledgement that my paperwork was complete, not acceptance of the claim, just that they got it and it's complete. I focused on the stock options component as they vested during this time period at inflated rates and I sold them for less profit due to the inflated value. If you got options and held the stock you are out of luck. Same with 401k. If the company put shares in your 401k you can't claim a piece of the settlement if you never moved the shares out into another 401k investment.
There should be a lawsuit on top of this one for how impossible they make it for the ones they wronged to actually find out their eligibility, amount owed, etc.
Same as the other replies said: I looked over the document for the settlement claims and it's impossible to determine. Plus they basically say that if you don't send the right info, they will find out and go after you for fraud or something. So basically WF screwed investors, then signed a settlement to sc--w the harmed parties even harder if they try to get the settlement they are entitled to. No one benefits except maybe the lawyers and the very largest investors who have such records.
It’s a shame the settlement agreement didn’t force WF to calculate the amount for every person they ripped off AND pay for a 3rd party audit of the outcome. But, alas, the only people who truly benefit from settlements are the lawyers.
They do and it's a total pita.
They do owe you if you owned stock in the 401k or elsewhere. but they made it much too difficult for shareholders to find the data. Does anyone know if Empower provides records dating back to before they transitioned our records over?