September 26, 2022
This class action concerns a purchase of stock for the employee stock ownership plan (ESOP) portion of the Wells Fargo & Company 401(k) Plan. The complaint alleges that the terms of the deal amount to self-dealing by the company and a breach of fiduciary duty, both in the price of the shares and the terms of the Wells Fargo loan used to buy them. It brings suit against Wells Fargo & Company, GreatBanc Trust Company, the Employee Benefit Review Committee, and various individuals.
Case Event File: Wells Fargo 401(k) Plan “Self-Dealing” Stock Purchase ComplaintRelated to: Wells Fargo 401(k) Plan “Self-Dealing” Stock Purchase Class Action