Benefits & Executive Compensation News

Wells Fargo Gets Industry Support in Target-Date Fund Appeal

Oct. 30, 2017, 4:04 PM

The U.S. Chamber of Commerce and other prominent industry groups are backing Wells Fargo & Co. in an appeal challenging the in-house target date funds in the company’s 401(k) plan (Meiners v. Wells Fargo & Co., 8th Cir., No. 17-2397, amicus briefs filed 10/27/17).

The groups are urging the U.S. Court of Appeals for the Eighth Circuit to uphold a decision dismissing a challenge to the affiliated target date funds in the 401(k) plan for Wells Fargo employees. The employee who sued said the company intentionally boosted the 401(k) assets invested in its target date funds—which allegedly carried...

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