We are pleased to announce that Beasley Allen lawyer Dee Miles, along with other lawyers in our firm’s Consumer Fraud & Commercial Litigation Section, have been appointed to the Executive Committee by the judge handling the Wells Fargo litigation. This is the litigation brought on behalf of participants in the Wells Fargo employee 401(k) pension plan. The company and its senior executives knowingly and intentionally withheld non-public information from pension plan participants and the public at large about the criminal epidemic at Wells Fargo that has recently come to light.
This epidemic was created by Wells Fargo’s senior executives, including its CEO and Chairman, through an incentive structure that encouraged and caused employees to sign up customers, without their approval, for unauthorized and unwanted accounts and other banking products to generate inflated share price growth. At the same time, these senior executives sold millions of their personal Wells Fargo stock at inflated prices, earning hundreds of millions of dollars, while failing to take corrective action to protect Plan Participants.
As a result of this, as well as other conflicts of interest and fraud, these Defendants violated their fiduciary duties to the Plan participants in violation of ERISA, causing no less than hundreds of millions of dollars in damages to the Plan. Lawyers at Beasley Allen will be working with lawyers from five other national firms to resolve these claims on behalf of the Wells Fargo 401(k) plan participants. More will be said about Wells Fargo below. If you need more information concerning this case, contact Dee Miles, the leader of the team of lawyers from Beasley Allen working on this case, at 800-898-2034 or by email at Dee.Miles@beasleyallen.com.
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