$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...

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!

TRY LAW360 FREE FOR SEVEN DAYS

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!