Subscribe (Free) to
Daily or Weekly Newsletters
Post a Job

Featured Jobs

Director of 3(16) Operations

Compass
(Remote / NH / Hybrid)

Compass logo

Loan & Distribution Specialist

AimPoint Pension
(Remote)

AimPoint Pension logo

Regional Vice President of Sales

The Retirement Plan Company
(Remote / AL / FL / GA / MS)

The Retirement Plan Company logo

Retirement Plan Administrator

Bates & Company, Inc.
(Remote / Winter Park FL)

Bates & Company, Inc. logo

Defined Benefit Combo Cash Balance Compliance Consultant

Loren D. Stark Company (LDSCO)
(Remote)

Loren D.  Stark Company (LDSCO) logo

Business Development Director

AimPoint Pension
(Remote / Pompano Beach FL / AL / GA)

AimPoint Pension logo

View More Employee Benefits Jobs

Free Newsletters

“BenefitsLink continues to be the most valuable resource we have at the firm.”

-- An attorney subscriber

Mobile app icon
LinkedIn icon     Twitter icon     Facebook icon

Text of Eighth Circuit Opinion Dismissing ERISA Stock Drop Suit Against Wells Fargo (PDF)
U.S. Court of Appeals for the Eighth Circuit Link to more items from this source
July 28, 2020

13 pages. "This appeal arises out of the unauthorized-accounts scandal at Wells Fargo.... The initial public disclosure of the fraud caused the market value of Wells Fargo's stock to drop drastically ... Appellants alleged that, by failing to take corrective measures to protect the Plan participants, such as publicly disclosing Wells Fargo's unethical sales practices prior to September 2016, freezing investment in the Wells Fargo Stock Funds, or purchasing a hedging product, Appellees breached their duties of prudence and loyalty under ERISA.... We find that a prudent fiduciary -- even one who knows disclosure is inevitable and that earlier disclosure may ameliorate some harm to the company's stock price and reputation -- could readily conclude that it would do more harm than good to disclose information about Wells Fargo's sales practices prior to the completion of the government's investigation. " [Allen v. Wells Fargo, No. 18-2781 (8th Cir. Jul. 27, 2020)]

Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the linked news item's title).
An important word about authorship: BenefitsLink® created this link to the news item, but we are not the news item's author (unless expressly shown above).
© 2024 BenefitsLink.com, Inc.