Wells Fargo Hit With ERISA Suit Over $40B 401(k) Plan

By Danielle Nichole Smith (March 16, 2020, 4:44 PM EDT) -- Wells Fargo & Co. has been hit with a proposed class action accusing the financial services company of mismanaging its $40 billion 401(k) plan by steering more than $5 billion of its workers' retirement savings into proprietary funds that have cost them $100 million in losses.

Yvonne Becker, a former Wells Fargo employee, lodged her Employee Retirement Income Security Act suit against the company, its board of directors, two committees, Galliard Capital Management and others in California federal court Friday.

Becker alleges in her complaint that the defendants — which she contended were fiduciaries to the Wells Fargo & Co. 401(k)...

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