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Wells Fargo Challenged Funds in Retirement Plan Settlement

Settlement Structure: Claims Made

Active: Open

Case Summary:

Wells Fargo & Company, Wells Fargo Bank, NA and their Employee Benefit Review Committee are paying more than $32 million to resolve a class action about its retirement plan under the Employee Retirement Income Security Act of 1974 (ERISA), alleging the defendants breached their fiduciary duties and engaged in prohibited transactions in connection with the Wells Fargo & Company 401(k) Plan. The complaint alleged that those responsible for choosing and monitoring certain of the retirement plan’s investment options (the Challenged Funds) should not have offered or retained these options in the plan.

Docket Number:

0:20-cv-02016

Company: Wells Fargo

Filing Deadline: July 21, 2022

Class Period: March 13, 2014

Objection Deadline: July 21, 2022

Final Approval Hearing: August 10, 2022

Proof of Purchase:

You do not need to provide proof. If you are a former plan member and you wish to have your share paid as a rollover into another qualified retirement plan, you must submit a Former Participant Roller Form.

Eligibility:

You may be eligible if you were a participant in the Wells Fargo & Company 401(k) Plan at any time between March 13, 2014 and the date the settlement becomes final.

Typical Settlement Amount:

You will receive your portion of the net settlement fund according to a Plan of Allocation. Payments will depend on your investment in the Challenged Funds, among other things. Amounts due to Former Participants that are less than $5 will not be distributed.

Total Settlement Amount: $32,500,000

Class Representative Proposed Incentive Fee:

Unknown

Law Firms:
Cohen Milstein Sellers & Toll
Keller Rohrback
Zimmerman Reed

Claim Form: Wells Fargo Challenged Funds in Retirement Plan Settlement Former Participant Rollover Form

Case Name: Becker, et al. v. Wells Fargo & Company, et al.

Settlement Website: Wells Fargo Challenged Funds in Retirement Plan Settlement Website

Claims Administrator:
Analytics Consulting, LLC

Claims Administrator Contact Information:

Wells Fargo ERISA Settlement
P.O. Box 2009
Chanhassen, MN 55317-2009
info@wellsfargoerisasettlement.com
844-485-2675

Tags: Breach of Fiduciary Duty, Investments, Retirement Plan Mismanagement, Retirement Plans