Benefits & Executive Compensation News

Wells Fargo’s $3 Billion Settlement Drives Battle in 401(k) Suit

Feb. 26, 2020, 4:10 PM

Wells Fargo & Co.‘s recent $3 billion settlement over fraudulent sales practices shows that the high-level executives overseeing the bank’s 401(k) plan had serious conflicts that affected their management of the plan, a proposed class of plan participants told the Eighth Circuit.

Plan participant Francesca Allen on Tuesday asked the court to review the 16-page statement of facts Wells Fargo signed in the course of settling a Department of Justice investigation into its long-running practice of boosting sales numbers by opening unauthorized and fictitious customer accounts. Allen says these facts refute assertions Wells Fargo made in defending her Employee...

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