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Wells Fargo Revenue Sharing Lawsuit

Wells Fargo has admitted to retaining revenue-sharing payments owed to the Chattanooga Fire & Police Pension Fund in this case, due to a “a system set-up error.” The bank informed the pension fund that the system problem had been corrected; however, the retirement fund disagrees with the amount of the revenue sharing that Wells Fargo claims to have retained. The Retirement Fund also filed a whistleblower complaint with the SEC and Commodity Futures Trading Commission, presenting the Bank’s “improprieties.”; May 11, 2018.