Pension funds sue Wells Fargo, alleging executives breached fiduciary duties

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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.

Wells Fargo & Co. has prevailed in a lawsuit alleging the firm breached its fiduciary duty to the company 401(k) plan by offering proprietary target-date funds. Minnesota district court judge.

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The lawsuit, filed by employees led by John Meiners, from St. Louis, seeks to recoup excess fees and unrealized profits stemming from Wells Fargo’s alleged breach of fiduciary duties to all 401(k) participants over the last six years, the complaint said. A Wells Fargo spokesman had no immediate comment on Friday.

general fiduciary duties for investment advisers and fund directors.. fund management fees and pension fund management fees); Press Release,. in Gartenberg alleged that his money market fund's adviser charged. constitute a breach of fiduciary duty in violation of 36(b).”).. Wells Fargo & Co., 2006 WL 2355411.

The Oklahoma Firefighters Pension and Retirement System, Key West Municipal Firefighters and police officers’ retirement trust fund and Wells Fargo financial advisor filed a lawsuit recently against 23 current and former Citi board directors alleging they allowed fraudulent and illegal activity to occur. Wells Fargo employees sue over funds.

Jones Day, a San Francisco, California (CA) Law Firm – Africa Practice, Antitrust & Competition Law, Antitrust Civil Investigations & Litigation

. advisers and industry executives who are distinguished leaders at their firms.. The complaint "failed to plausibly allege a breach of fiduciary duty,". (More: wells fargo sued, again, for using in-house funds in 401(k) plan). is a reporter for InvestmentNews' sister publication Pensions & Investments. 0.