The fake-accounts scandal at Wells Fargo is jeopardizing the future of hundreds of thousands of current and former employees, according to a lawsuit filed in federal court in Minnesota.
The class-action lawsuit alleges senior executives knew the scandal would damage the bank’s stock price and reputation, but still allowed employees’ retirement plans, including 401Ks, to rely on Wells Fargo stock prices.
The suit claims “senior executives sold millions of their personal Wells Fargo stock at inflated rices, earning hundreds of millions of dollars, while failing to take corrective action to protect Plan Participants.”
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