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UnitedHealth Must Face Suit Over 401(k) Plan’s Wells Fargo Funds

Dec. 3, 2021, 3:12 PM

UnitedHealth Group Inc. must face a proposed class action claiming its $15 billion 401(k) plan was filled with undeprerforming Wells Fargo target date funds, after a Minnesota federal judge denied the insurer’s requests for both dismissal and summary judgment.

Plan participant Kim Snyder plausibly accused UnitedHealth of fiduciary breach by identifying several meaningful benchmarks that the Wells Fargo funds “chronically underperformed” over the course of 11 years, Chief Judge John R. Tunheim of the U.S. District Court for the District of Minnesota said Thursday. This is enough to move forward with a proposed class action under the Employee Retirement Income ...