Thread regarding Wells Fargo & Co. layoffs

Wells Fargo Workers Score Class Cert. In Stock Option Suit

Former employees of Wells Fargo & Co. have received certification for their proposed class in litigation in Minnesota federal court alleging the bank used dividends earned by its employee stock ownership to defray its 401(k) matching obligations.

https://www.law360.com/banking/articles/2287516/wells-fargo-workers-score-class-cert-in-stock-option-suit

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| 1404 views | | 14 replies (last 12 days ago)
Post ID: @OP+1jjbc2pv0

14 replies (most recent on top)

Right, it's not a match at all. It's a lie.

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Post ID: @cw+1jjbc2pv0

@cm+1jjbc2pv0
"I’m no kool-aid drinker, but this time, I can’t help wondering if it’s really not that bad. It just seems logical to me.
Need more information."

Yes, you do. Or rethink the concept of dividends on your investments.

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Post ID: @cv+1jjbc2pv0

@cn+1jjbc2pv0
Do you think using your capital gains as employee match makes any sense?

Sh-t no. It's like me reaching into my wallet and paying myself my match.

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Post ID: @cs+1jjbc2pv0

@cm

What is there to understand? They claimed the dividends (i.e. capital gains) from the company stock already being held by employees in their 401k counted as matching. Do you think using your capital gains as employee match makes any sense?

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Post ID: @cn+1jjbc2pv0

Wait, I mean, sure I get it.

Use dividends to pay 401k matching. From both the company’s and the employees’ perspectives, that seems like a logical thing to do, right?

What’s the actual issue here? Did Wells fail to specify how the income generated from the dividends was being used or did they not adhere to a specific policy?

I’m no kool-aid drinker, but this time, I can’t help wondering if it’s really not that bad. It just seems logical to me.

Need more information.

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Post ID: @cm+1jjbc2pv0

@ca

Are you sure about that? The article is from 2022, sure, but it also mentions the dividends issue.

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Post ID: @ch+1jjbc2pv0

Wells Fargo executives prove time and time again they are either criminals, negligent or incompetent. I conclude they are of the above.

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Post ID: @cg+1jjbc2pv0
https://www.desmoinesregister....

That was an OLD scandal.

This is a NEW scandal.

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Post ID: @ca+1jjbc2pv0

https://www.desmoinesregister.com/story/money/business/2022/09/12/wells-fargo-settlement-145-million-employee-retirement-funds/10359966002/

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Post ID: @c9+1jjbc2pv0

I'm sorry, a union is bad, because why?

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Post ID: @c8+1jjbc2pv0

Holy cow. WFC cheated by using the dividend distributions on stock held in employees 401k to payout the 6% 401k match.
That is equivalent to saying we're reducing your paycheck by the amount of interest you earned in your employee checking account.

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Post ID: @bw+1jjbc2pv0

So, will we each get $5 settlements

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Post ID: @bp+1jjbc2pv0

OP, no one has access to this full article without subscribing it. Do something.

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Post ID: @a9+1jjbc2pv0

Can anybody see the full article? If so, can you please share it here?

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Post ID: @a1+1jjbc2pv0

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