Shareholders at Wells Fargo sued members of the bank’s board for allegedly standing by “passively” when they were presented with diversity, equity and inclusion problems.
The stockholder derivative complaint, filed on Wednesday in the US District Court for the Northern District of California by the Asbestos Workers Philadelphia Pension Fund, accuses the board of ignoring “pervasive issues of discrimination” that have resulted in multiple scandals.
The lawsuit alleges breaches of fiduciary duties, unjust enrichment, corporate waste, and violation of federal securities laws. The shareholders say the discrimination scandals hurt Wells Fargo’s reputation and harmed it financially.
Wells Fargo “is deeply ...
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