Initially we were disappointed that Vanguard, if hired as administrator and record-keeper to the plan, would not agree to fiduciary status in its contract.
Here in the deep end of the pool, newly-minted billionaire Chinese executives are violating contract law, globally accepted corporate best practices and fiduciary responsibility to shareholders.
The sole FINRA Arbitrator hearing this matter found Respondent Wachovia liable on the claims of negligence, negligent supervision, fraud and breach of contract (no finding of liability on breach of fiduciary duty).