Berman Tabacco

Wells Fargo Books & Records

Massachusetts Laborers’ Pension Fund, et al. v. Wells Fargo & Co., et al., C.A. No. 12997-VCG (Del. Ch.)

Berman Tabacco is co-lead counsel representing plaintiffs Massachusetts Laborers’ Pension Fund and the Employees’ Retirement System of the City of Providence in this action, which was brought pursuant to 8 Del. C. Sec. 220 (“Section 220”) to compel Wells Fargo & Co. to permit plaintiffs to inspect certain of Wells Fargo’s books and records in order to evaluate whether the facts support a derivative suit on behalf of Wells Fargo against its officers and directors for breaches of their fiduciary duties. The alleged breaches of fiduciary duties include the board’s failure to police the company’s unrealistic sales quotas and incentive programs that rewarded illegal behavior. As a result of the sales quotas and incentive programs, Wells Fargo employees opened millions of financial accounts on behalf of customers without their permission or knowledge and have caused the company to pay more than $185 million in fines.