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)...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!