Wells Fargo accused of self-dealing in retirement plan, ESOP

Wells Fargo & Co., former CEO Tim Sloan, GreatBanc Trust Company and the employee benefit review committee and its members have been sued for alleged breaches of fiduciary duty to participants saving for retirement in the Wells Fargo 401(k) and employee stock ownership plans, Planadvisor reports. The lawsuit, filed in the U.S. District Court for the District of Minnesota, alleges that Wells Fargo 401(k) plan fiduciaries overpaid for stock in the employee stock ownership plan. The plaintiffs are seeking class certification of the case.