Pension funds sue Wells Fargo, alleging executives breached fiduciary duties

In a Financial Industry Regulatory Authority ("FINRA") Arbitration Statement of Claim filed in March 2013, Claimant Marriott asserted breach of fiduciary duty; common law fraud; violation of the Texas Securities Act; violation of the Texas deceptive trade practices Act; and lack of adequate supervision in connection with allegedly unsuitable purchases purportedly made in Claimant’s Individual Retirement Account.

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Wells Fargo sued, again, for using in-house funds in 401(k) plan The firm earlier this year won dismissal of a lawsuit alleging self-dealing through use of its target-date funds Nov 21, 2017 @ 12.

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Wells Fargo & Co <WFC.N> 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..

Brotherhood of Electrical Workers Local 98 Pension Fund with the Court of Chancery of.. such actions, these defendants breached their fiduciary duties and any.. As a result, if these directors were to cause Goldman to sue.. Did [ Paulson] give a reason why they kicked out all the Wells [Fargo] deals?

Wells Fargo. are governed by fiduciary responsibilities, which means they are obligated to put their clients’ interests ahead of their own.An individual has spoken with regulators, alleging that.

Fiduciary Breach in the use of Proprietary Funds. Since the Board of Governor’s of the federal Reserve System has been investigating, and uncovering, gross mis-deeds by Wells Fargo executives and the Board of Directors, perhaps they should also investigate the way they have been treating their employees 401(k) retirement savings plan as well..

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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(k) participants over the last six years, the complaint said. A Wells Fargo spokesman had no immediate comment on Friday.

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Just as Wells Fargo & Co. escaped from the jaws of one 401(k) lawsuit. against the company in May alleging breach of fiduciary duty for self-dealing, enriched Wells Fargo but cost participants millions of dollars in retirement savings.. The 401(k) plan's fiduciaries breached their duties of loyalty and.