UnitedHealth Finalizes $69 Million Wells Fargo 401(k) Fund Deal

UnitedHealth Group Inc.'s $69 million settlement over the Wells Fargo & Co. target-date funds in its 401(k) plan received final approval from a federal judge who also awarded class counsel $23 million in attorneys’ fees.

The deal represents up to 25% of plan participants’ potential damages and is the “largest-ever ERISA settlement alleging breach of fiduciary duty for failure to remove underperforming investment options,” according to the settlement motion. Judge John R. Tunheim granted final approval to the deal in an electronic order docketed Friday in the US District Court for the District of Minnesota; he also granted the ...