Benefits & Executive Compensation News

Wells Fargo Hit With Class Action Over Target-Date Funds

Nov. 23, 2016, 4:15 PM

Wells Fargo & Co. enriched itself at its employees’ expense by including costly, in-house target date funds in its 401(k) plan, a new class action complaint alleges (Meiners v. Wells Fargo & Co., D. Minn., No. 0:16-cv-03981, complaint filed 11/22/16).

In the past year, several proposed class actions have targeted financial companies that include in-house investment products in their 401(k) plans. The employees bringing these suits have seen success in many instances, with courts refusing to dismiss cases against BB&T Corp., Putnam Investments LLC, Allianz Asset Management of America and Deutsche Bank.

This lawsuit, filed...

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