Pension funds sue Wells Fargo, alleging executives breached fiduciary duties

Pension funds sue Wells Fargo, alleging executives breached fiduciary duties

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He maintains a national practice prosecuting class action and large-scale individual cases, including corporate fraud and misconduct, securities, Employee Retirement Income Security Act (“ERISA”) pension and health plan, breach of fiduciary duty, and investment mismanagement cases.

Wells Fargo employees sue over funds in retirement plans. The lawsuit, filed by employees led by John Meiners, from St. Louis, seeks to recoup excess fees and unrealized profits stemming from Wells Fargo’s alleged breach of fiduciary duties to all 401(k) participants over the last six years, the complaint said.

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The bank also breached its duties to investors by agreeing to the deal with Bank of America, according to the complaint, because the trustee is conflicted and stands to receive direct financial benefits as a result of the agreement.Questioning the fairness of the deal, the attorney generals lawsuit said that it could compromise investors claims in exchange for a payment representing a fraction of the losses that.

Wells Fargo employees sue over funds in retirement plans. stemming from Wells Fargo’s alleged breach of fiduciary duties to all 401(k) participants over the last six years, the complaint said.

Wells Fargo & Co faces a new U.S. lawsuit claiming that it funneled more than $3 billion of employee retirement savings into expensive, underperforming proprietary mutual funds to enrich. Fargo’s.

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The lawsuit, filed by employees led by John Meiners, from St. Louis, seeks to recoup excess fees and unrealized profits stemming from Wells Fargo’s alleged breach of fiduciary duties to all 401.

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