Wells Fargo & Company formerly Wachovia Corporation Class Action Lawsuit

Summary of Pending Case: On January 20, 2010, Shepherd, Finkelman, Miller & Shah, LLP, along with co-counsel, filed a Shareholder Derivative Complaint on behalf of Wells Fargo & Company (“Wells Fargo”), formerly Wachovia Corporation (“Wachovia”), and its shareholders against various current and former officers and directors of Wells Fargo and Wachovia, certain John Doe Partners of Wachovia’s auditor, KPMG, LLP, and Herbert and Marion Sandler to, among other things, recover damages for the benefit of Wells Fargo and its shareholders. The Complaint alleges that there was massive mismanagement by the directors of Wachovia, breaches of fiduciary duty, and waste of Wachovia’s assets, in connection with the merger and acquisition of Wachovia by Wells Fargo. The case is filed in the Northern District of California, Oakland Division and pending before the Honorable Phyllis J. Hamilton.

Status of Pending Case: Plaintiff filed an Amended Complaint on April 21, 2010. It is expected that defendants will respond to Plaintiff's Amended Complaint on or before July 16, 2010.

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