Fiduciary Duty Claims Related To Wells Fargo's Securities Lending Program Continue

Fiduciary Duty Claims Related To Wells Fargo's Securities Lending Program Continue

ST. PAUL, Minn. - A federal judge in Minnesota on June 4 ruled that Wells Fargo Bank N.A. is not entitled to summary judgment on claims that it breached its fiduciary duties under the Employee Retirement Income Security Act by investing the assets of ERISA plans in risky securities as part of its securities lending program (Blue Cross and Blue Shield of Minnesota, et al. v. Wells Fargo Bank, N.A., No. 11-2529, D. Minn.; 2013 U.S. Dist. LEXIS 78018).

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