City of Hollywood Firefighters' Pension System v. Wells Fargo & Company

UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA 6 CITY OF HOLLYWOOD FIREFIGHTERS' Case No. 23-cv-2445-JST PENSION SYSTEM, et al., 8 Plaintiffs, ORDER DENYING MOTION TO INTERVENE AND STAY v. Re: ECF No. 27 WELLS FARGO & COMPANY, et al., 11 Defendants.

12 Before the Court is Asbestos Workers Philadelphia Welfare and Pension Fund, Jose F. Isais, and Lubna Salah’s (“Proposed Intervenors”) motion to intervene and stay. ECF No. 27. The Court will deny the motion. On May 19, 2023, Plaintiff City of Hollywood Firefighters’ Pension System filed a shareholder derivative complaint against Defendant Wells Fargo & Company, as well as certain directors of Wells Fargo. ECF No. 1 at 4. The complaint alleges “breaches of fiduciary duty in connection with [Wells Fargo’s] failure to comply with federal law, including explicit regulatory requirements established by federal regulators in multiple consent orders since 2018[.]” Id. On June 20, 2023, Proposed Intervenors filed this…