Elias LLC Files Class Action Against Wells Fargo Over 401(k) Target Date Funds

Elias LLC and co-counsel Cohen Milstein filed an ERISA class action lawsuit yesterday on behalf of Wells Fargo’s 401(k) Plan participants who suffered hundreds of millions of dollars in losses as a result of Wells Fargo’s self-dealing and imprudent investing of Plan assets.

Over a six-year period, Wells Fargo funneled billions of dollars of Plan assets into its own Wells Fargo Dow Jones Target Date mutual funds, which cost on average over 2.5 times more than comparable, better-performing funds from rival companies such as Fidelity Investments and Vanguard Group.  In doing so, Wells Fargo generated substantial revenues for itself and its affiliates at the expense of Plan participants.

By failing to protect the 401(k) Plan through different investment strategies, Wells Fargo and its executives violated their fiduciary duties of loyalty and prudence and cost Plan Participants hundreds of millions of dollars in retirement savings.

The case, Meiners v. Wells Fargo & Co., No. 0:16-cv-03981-DSD-FLN, is pending in federal court in the District of Minnesota.

Read the Complaint

If you are a current or former participant in Wells Fargo’s 401(k) Plan, please contact Elias LLC at (314) 391-6820 to discuss your potential claim.

Read related media coverage:

Reuters:  Wells Fargo Employees Sue Over Funds in Retirement Plans

St. Louis Post-Dispatch:  Retired Wells Fargo Executive in St. Louis Sues Bank for “Self-Dealing and Imprudent Investing”

St. Louis Business Journal:  St. Louis Employee Leads Suit Against Wells Fargo

    Leave a Reply

    Your email address will not be published.