Wells Fargo 2010 Annual Report Download - page 173
Download and view the complete annual report
Please find page 173 of the 2010 Wells Fargo annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163 -
164 -
165 -
166 -
167 -
168 -
169 -
170 -
171 -
172 -
173 -
174 -
175 -
176 -
177 -
178 -
179 -
180 -
181 -
182 -
183 -
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
-
208
-
209
-
210
-
211
-
212
-
213
-
214
-
215
-
216
-
217
-
218
-
219
-
220
-
221
-
222
-
223
-
224
-
225
-
226
-
227
-
228
-
229
-
230
-
231
-
232
 |
 |
the In re Wachovia Preferred Securities and Bond/Notes
litigation, and captioned City of Livonia Employees’ Retirement
System v. Wachovia Corp et al., was filed in the Southern
District of New York. On May 3, 2010, the judge in the Southern
District of New York issued an order granting Plaintiffs leave to
amend the class action and other complaints pending in that
court, and directing the parties to submit a schedule for the filing
of the amended complaints and new motions to dismiss. This
order terminates the motions to dismiss the prior complaints
which had been pending. Amended complaints were filed in all
the actions in May 2010 and renewed motions to dismiss have
been filed in each case.
OUTLOOK When establishing a liability for contingent litigation
losses, the Company determines a range of potential losses for
each matter that is both probable and estimable, and records
the amount it considers to be the best estimate within the range.
The high end of the range of potential litigation losses in excess
of the Company’s best estimates within the range of potential
losses used in establishing the total litigation liability was
$1.2 billion as of December 31, 2010. For these matters and
others where an unfavorable outcome is reasonably possible but
not probable, there may be a range of possible losses in excess
of the established liability that cannot be estimated. Based on
information currently available, advice of counsel, available
insurance coverage and established reserves, Wells Fargo
believes that the eventual outcome of the actions against Wells
Fargo and/or its subsidiaries, including the matters described
above, will not, individually or in the aggregate, have a material
adverse effect on Wells Fargo’s consolidated financial position.
However, in the event of unexpected future developments, it is
possible that the ultimate resolution of those matters, if
unfavorable, may be material to Wells Fargo’s results of
operations for any particular period.
171