“Wells Kept Client’s Fund Fee Rebates,” The Wall Street Journal, May 10, 2018 B1. Wells Fargo apparently failed to pass on fee rebates that Wells Fargo had received for a pension fund for which Wells Fargo acted as a trustee.
Whether it’s a process issue or a culture issue, lack of supervision, general incompetence, or a way of doing business, is anyone surprised? Is it only at one pension fund? Who knows?
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