Pension funds sue Wells Fargo, alleging executives breached fiduciary duties

made these claims in a filing asking a federal court to dismiss a lawsuit alleging the fees caused the Boston-based firm to profit at the expense of customers’ retirement savings and breached its.

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.

With respect to plaintiffs' breach of fiduciary duty claims, the court held that plaintiffs had adequately alleged a “conscious disregard” of the.

Consumer Protection in an Age of Uncertainty Wells Fargo employees sue over funds in retirement plans. seeks to recoup excess fees and unrealized profits stemming from Wells Fargo’s alleged breach of fiduciary duties to all 401(k. The Fiduciary Controversy – LMU Digital Commons – Loyola. – recent litigation, the theory of tortious breach of fiduciary duty by the. 1..

of Directors; Wells Fargo Employee benefits review committee; hope. retirement plan (the “Plan”), and (2) defaulting to these proprietary. Meiners sued the Wells Fargo Defendants for breach of fiduciary duty under. the Wells Fargo Defendants breached their fiduciary duties when they failed to.

alleging the company violated the Employee Retirement Income Security Act through its use of float income, according to the lawsuit that was filed Thursday in the U.S. District Court in Boston..

monitor investment funds, the plan sponsor and its employees are relieved of the liability of being a fiduciary. Plan administration The DOL’s position is that a plan investment committee is exercising discretion in the administration of a plan by choosing an investment manager, and as such is a fiduciary.

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Plaintiffs accuse Wells Fargo of unfair competition, breach of contract and bad faith. Claims for rescission and restitution were rendered moot when the Sutcliffes recently accepted a permanent loan modification from Wells Fargo, according to the ruling.

Two pension funds filed a shareholder derivative lawsuit against Wells Fargo this week, claiming the bank and its leaders failed to properly address mortgage documentation issues, leaving Wells.

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A participant in a Charles Schwab Corp. 401(k) plan sued plan and corporate executives, alleging they violated their ERISA duties by offering Schwab funds that were. contended that the executives.

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