Wells Fargo & Co., along with some of its executives and board members, is facing another lawsuit over its 401(k) plan.
Plaintiff Stacey Wayman was the bank's mortgage underwriter from 2009 to 2014 and is currently a plan participant, according to the complaint. The lawsuit was filed Nov. 17 in the U.S. District Court for the District of Minnesota.
Wayman claims the defendants breached their duties of loyalty and prudence by failing to choose less costly and better performing investment options for the plan. The plaintiff also argues that the picking of mutual funds run by Wells Fargo affiliates was a breach of the defendants' duty to avoid conflict of interest.
The lawsuit seeks restitution for losses due to imprudent investments, restoration to the plan of profits made through the plan's assets and of profits that participants might have made if no alleged breach of duty had occurred. The plaintiff also seeks damages in the amount of any losses suffered by the plan.