Wells Fargo faces a derivative lawsuit from a shareholder alleging that the bank’s leadership failed to adequately oversee its diversity, equity, and inclusion (DEI) initiatives. Filed by Johnson Fistel and Cooch & Taylor, the suit accuses Wells Fargo’s officers and directors of engaging in “sham” hiring practices intended to meet compliance requirements without genuine intentions of diversifying their workforce. The allegations surfaced in June 2022, leading to a reported decline in the company’s stock value. Details of the lawsuit, which brings seven claims of misconduct, can be reviewed here.