Wells Fargo, GreatBanc to Face Suit Over 401(k) Stock Dividends

Former Wells Fargo & Co. employees have several viable claims under federal benefits law in their proposed class action saying the company mishandled the stock in their retirement plan, a federal judge said in a recently unsealed opinion.

Judge Eric C. Tostrud‘s opinion, publicly released Wednesday after being docketed as a sealed opinion earlier this month, allows all claims in the seven-count lawsuit to move forward. The employees adequately alleged that Wells Fargo, former chief executive Timothy Sloan, and GreatBanc Trust Co., which served as trustee for the bank’s employee stock ownership plan, breached their fiduciary duties and engaged ...