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Pension funds sue Wells Fargo, alleging executives breached fiduciary duties

A participant in the Wells Fargo 401(k) Plan sued plan executives, corporate executives and several corporate entities alleging that executives failed in their fiduciary duties to manage the plan.

Attorney General Lynch Announces Five Major Banks Agree to Parent-Level Guilty Pleas PDF Role and Responsibilities of Fiduciaries – act or omission of such other fiduciary, when such act or omission is a breach; By failure to comply with fiduciary duties, the fiduciary enables the other fiduciary to commit a breach; or The fiduciary has knowledge of a breach by such other fiduciary, unless she makes reasonable efforts under the circumstances to remedy the breach.

Here's Why Wells Fargo Employees Are Suing Over Retirement Plans. stemming from Wells Fargo's alleged breach of fiduciary duties to all 401(k). of the San Francisco-based bank's longtime chief executive, John Stumpf.

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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..

Barbara Burton Morriss had sued Wells Fargo in 2012 alleging breach of fiduciary duty for failing to tell her about financial transactions made by her son Burton Douglas Morriss to secure a $40.

The lawsuit, led by Larry Jander, alleges the Retirement Plan Committee of IBM -run by company executives-continued to invest retirement plan funds in IBM. said in order to claim a plan fiduciary breached his or her duty of prudence, a similar case against Wells Fargo that's before the Eighth Circuit.

Wells Fargo employees sue over funds in retirement plans By Reuters Media on Nov 25, 2016 at 4:00 p.m. 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 itself.

Wells Fargo & Co. has prevailed in a lawsuit alleging the firm breached its fiduciary duty to the company 401(k) plan by offering proprietary target-date funds. minnesota district court judge.

How Jefferies’ compliance failed in mortgage fraud case Ocwen settles California mortgage compliance dispute for $2.5 million. accusing it of having failed to properly collect. ocwen has to cover the state agency’s administrative costs for the case.