Chattanooga Pension Fund Sues Wells Fargo for Alleged Fraud Over Revenue Sharing

Via Pensions&Investments,

By Rob Kozlowski

Chattanooga (Tenn.) Fire and Police Pension Fund has filed a lawsuit in Tennessee court against Wells Fargo, its custodian and trustee, alleging potential fraud and overcharging in its role as trustee,

The suit, filed Tuesday in the Chancery Court of Hamilton County, alleges that Wells Fargo has not provided any disclosures regarding “significant compensation from third-party mutual funds and potentially other third parties,” according to the filing.

In addition, Edward “Ted” Siedle, attorney at The Siedle Law Offices, on behalf of the $225 million pension fund, filed a whistleblower complaint with the Securities and Exchange Commission, according to Gary R. Patrick, managing partner at Patrick, Beard, Schulman & Jacoway, who is representing the pension fund.

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