Current and former officers and directors of Wells Fargo were named in a shareholder derivative lawsuit filed on Sept. 26 in California Northern District Court. The complaint, backed by Cotchett, Pitre & McCarthy and Bottini & Bottini, centers on reports that Wells Fargo employees conducted fake interviews of racially and ethnically diverse candidates in order to meet quotas and create a false impression that the bank was committed to DEI initiatives. The suit faults the board for failing to implement effective internal controls and for failing to hold its members and senior company executives accountable for the alleged wrongdoing. Counsel have not yet appeared for the defendants. The case is 3:23-cv-04934, Cook v. Black.
Banking & Financial Services
September 26, 2023, 6:50 PM