On September 26, 2022, we filed a lawsuit on behalf of participants in Wells Fargo & Company 401(k) Plan (the “Plan”). The lawsuit alleges that the Plan’s fiduciaries (the Defendants in the case) violated the Employee Retirement Income Security Act (ERISA) by failing to act prudently or in the interest of Plan participants and beneficiaries.
Among other things, the lawsuit alleges that Defendants breached their fiduciary duties and engaged in prohibited transactions under ERISA by causing the Plan to pay more than fair market value when acquiring Wells Fargo preferred stock.
The lawsuit seeks to recover the Plan’s financial losses and other equitable relief.
Nichols Kaster has partnered with attorneys Greg Porter and Mark Boyko of Bailey & Glasser LLP and Nina Wasow, Daniel Feinberg, and Todd Jackson of Feinberg, Jackson, Worthman & Wasow LLP in representing the plaintiffs in this case.
This case is entitled Beville, et al. v. GreatBanc Trust Company, et al., Case No. 0:22-cv-02354 (D. Minn.)
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