Headline (PlanAdviser Magazine): Judge Moves Forward Wells Fargo 401(k) Self-Dealing Suit
The class action lawsuit against Wells Fargo is moving forward.
What is this case about?
The plaintiffs alleged that the plan sponsors (Wells Fargo fiduciaries) violated their ERISA duties owed to Plan Participants by selecting proprietary products (CITs) that benefited Wells Fargo.
Yes the collective investment trusts (CTIs) were sponsored by...wait for it...Wells Fargo.
Did Wells Fargo business interest influence their decision regarding the selection of the investments for their plan?
Read more about the case here.
Read the Planadviser Magazine article here.