Ongoing investigation and pending class action lawsuit against Wells Fargo Bank investigating whether Wells Fargo improperly profited from its administration of trusts.
Wells Fargo is accused of collecting tens if not hundreds of millions of dollars in improper and undisclosed payments, to the detriment of trust clients, dating back to 1980. As trustee, Wells Fargo is precluded from investing trust assets in any manner that results in a benefit to itself or any affiliated party. However, according to the lawsuit, the bank "has engaged in a pattern and practice of investing trust assets in such a way as to produce substantial additional and undisclosed payments for Wells Fargo and/or its affiliates."
Name (Stock Symbol)
Wells Fargo & Company (WFC)
Wells Fargo & Company, through its subsidiaries, provides retail, commercial, and corporate banking services principally in the United States
The information provided on ClassAdvocate.com is general in nature,
does not apply to any particular factual situation, and is not and
should not be taken as legal or other professional advice. We make no
commitment or warranty that the factual, legal or any other information
on ClassAdvocate.com, or on any linked website, is accurate, complete,
error-free, or current. As such, you should not rely on such information,
and should seek professional advice if and as you determine appropriate.
ClassAdvocate.com is not a lawyer referral service, and no attorney-client
or confidential relationship is or should be formed by use of the site.
The investigations listed on ClassAdvocate.com are attorney advertisements
and do not in any way constitute a referral or endorsement by ClassAdvocate.com
or any approved or authorized lawyer referral service.