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New Lawsuit Accuses Wells Fargo 401(k) Plan Fiduciaries of Self-Dealing
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Mar. 18, 2020 "[T]he plaintiff says the retirement plan committee defendants failed to satisfy threshold procedural norms needed for a non-conflicted fiduciary to satisfy its duties of loyalty and prudence under ERISA. According to the complaint, the committee defendants selected and retained Wells Fargo products over materially identical, yet cheaper, non-proprietary alternatives; selected Wells Fargo products that had no performance history that could form the basis of a fiduciary's objective decision-making process; and failed to remove proprietary funds despite sustained underperformance." [Becker v. Wells Fargo, No. 20-1803 (N.D. Cal. complaint filed Mar. 13, 2020)] |
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