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Wells Fargo Stock Drop Suit

On the heels of the criminal activities in the retail division of the company, a lawsuit has been filed contesting that Wells Fargo 401(k) retirement plan fiduciaries were well aware of the criminal sales practices well in advance of the public disclosure. Plaintiffs claim that Wells Fargo plan fiduciaries intentionally withheld material non-public information from plan participants invested in Wells Fargo stock, as well as the public at large concerning the criminal activities in its retail operations. As a result, the plan lost hundreds of millions in value due to the alleged violation of ERISA fiduciary duties.

www.plansponsor.com; October 13, 2016.