UnitedHealth Faces Class of Thousands in Wells Fargo 401(k) Suit

UnitedHealth Group Inc. will face a certified class claiming its $15 billion 401(k) plan was filled with underperforming Wells Fargo target date funds after a federal judge in Minnesota signed off on the parties’ agreement to litigate on a class basis.

The lawsuit covers a class of “thousands” of current and former UnitedHealth employees who held Wells Fargo target date funds in their 401(k) accounts, according to an order signed Wednesday by Chief Judge John R. Tunheim of the U.S. District Court for the District of Minnesota.

UnitedHealth didn’t fight the employees’ request for class status, agreeing in January to ...