$17M Settlement OK'd In Wells Fargo ERISA Case

Law360 (April 1, 2011, 6:06 PM EDT) -- A Minnesota judge on Thursday signed off on a proposed $17.5 million settlement in a class action accusing Wells Fargo & Co. of violating the Employee Retirement Income Security Act by mismanaging its 401(k) plan.

Judge Paul A. Magnuson of the U.S. District Court for the District of Minnesota preliminarily approved the proposed settlement, which the plaintiffs submitted to the court March 18.

The suit, filed in 2007 and certified as a class action in April 2010, alleges that Wells Fargo's 401(k) plan invested in funds offered by its subsidiary, Wells Fargo Funds Management.

The plaintiffs claim that the company selected...

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