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Wells Fargo Bank may have improperly collected millions from its investment decisions while acting as trustee for trust accounts in its control.
Investigation Source
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Excessive or Unauthorized Fees
- Investments
- Undisclosed Fees By Investment Advisors
Products or Services
- Brokerage Account
- Trust Account
Injury Type
- Monetary Loss
Investigation Details
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."
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."
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| Wells Fargo & Company (WFC) | Wells Fargo & Company, through its subsidiaries, provides retail, commercial, and corporate banking services principally in the United States |