NEW YORK--(BUSINESS WIRE)--Zamansky LLC announces that it has commenced an investigation of Wells Fargo Company (NYSE:WFC) on behalf of its current and former employees over the Wells Fargo 401(k) Plan (the “Plan”) for potential violations of the federal Employee Retirement Income Security Act (“ERISA”). ERISA imposes fiduciary duties to prudently manage and invest plan assets. We are investigating whether these duties were violated by the continued offering of Wells Fargo company stock as an investment option for employees under the Plan.
On September 8, 2016, Bloomberg News reported that Wells Fargo was fined $185 million by various regulators to resolve claims that bank employees allegedly opened deposit and credit-card accounts without customers’ approval to satisfy sales goals and earn financial rewards. The opening of fictitious accounts dates back to 2011 and was prompted by aggressive sales goals put by Wells Fargo on its employees, according to news reports. Some commentators have questioned whether Wells Fargo inflated its revenues through these tactics.
According to employee stock and investment fraud attorney, Jake Zamansky, Wells Fargo employees who purchased and held company stock through the Plan since 2011 may have had their retirement savings damaged. The allegations about Wells Fargo’s practices raise serious issues whether the Plan’s fiduciaries properly executed their duties under ERISA, he states. ERISA is designed to protect employees’ retirement savings from imprudent and inappropriate investments, Zamansky states.
What Wells Fargo Current and Former Employees Can Do
If you are an existing or former Wells Fargo employee who purchased and held company stock through the Wells Fargo 401(k) Plan, please contact our firm for an evaluation of your rights. You can contact Jake Zamansky by telephone at (212) 742-1414 or by email at email@example.com.
About Zamansky LLC
Zamansky LLC is a leading stock law firm specializing in securities fraud, ERISA and employment class actions. We are investment fraud attorneys who represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover investment losses.
To learn more about Zamansky LLC, please visit our website, http://www.zamansky.com.