A group of investors has filed a class action lawsuit against Wells Fargo Investments, claiming that investment advisors there steered investors to purchase certain shelf space funds to line their own pockets.

The suit, filed at the U.S. District Court in Northern California last month, alleges that Wells Fargo investment advisors pushed clients to buy certain funds, including scores of Dreyfus products, between June 30, 2000 and June 8, 2005. In exchange, advisors reaped rich rewards and bonuses from a sales incentive plan, which was never disclosed to investors.  Advisors are meant to provide unbiased and independent advice to their clients, and to disclose any potential conflicts of interest, according to U.S. securities law. 

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