COLUMBUS, Neb. (AP) — The managers of Nebraska Public Power District's retirement plan have accused Wells Fargo of misleading them about the risks associated with a securities lending investment program.
NPPD retirement plan managers sued the San Francisco-based bank for $1.5 million last month, and the lawsuit was moved from Nebraska courts to federal court in early November.
NPPD said Wells Fargo marketed its securities lending program as a conservative option for the retirement funds of 2,400 people. But instead of the $140,000 in additional returns the bank projected annually, NPPD's retirement fund lost money.
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