Tr?id=566623520170033&ev=PageView&noscript=1

ÍøÆØ³Ô¹Ï

ÍøÆØ³Ô¹Ïlls Fargo Agrees To $32.5 Million Settlement In 401(k) Lawsuit

Posted on April 12th, 2022 at 12:20 PM
ÍøÆØ³Ô¹Ïlls Fargo Agrees To $32.5 Million Settlement In 401(k) Lawsuit

From the Desk of Jim Eccleston at ÍøÆØ³Ô¹Ï:

ÍøÆØ³Ô¹Ïlls Fargo has agreed to pay $32.5 million to settle a class-action lawsuit that alleged the firm violated provisions of the Employee Retirement Income Security Act (ERISA).


Yvonne Becker filed suit against ÍøÆØ³Ô¹Ïlls Fargo in 2020 after participating in the firm’s $40 billion 401(k) plan and serving as an employee for 26 years. The suit alleged that ÍøÆØ³Ô¹Ïlls Fargo improperly included multiple proprietary collective investment trusts in the 401(k) plan despite the existence of cheaper, better-performing products offered by third parties.


According to court documents, plaintiffs estimate that nearly 400,000 class members likely invested in at least one of the proprietary funds. Additionally, the settlement is expected to recover 40% of the plan participant’s estimated fee damages. According to the proposed settlements, recovery payments will be deposited in the ÍøÆØ³Ô¹Ïlls Fargo 401(k) plan accounts of current participants, while former participants will recover their fees by check or as a roll-over into a qualified retirement account.


ÍøÆØ³Ô¹Ï LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

 
 
 

Tags: eccleston law, wells fargo, erisa

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

I cannot thank you enough for your efforts. You have proven to be a valuable resource.

Jim T.

LATEST NEWS AND ARTICLES

1778521728 Law
May 11, 2026
Private Credit Funds Face Rising Redemptions and Valuation Scrutiny

Investor pressure on private credit funds continues to intensify as redemption requests increase and concerns emerge over how firms value underlying loan portfolios.

1778517375 Law
May 11, 2026
SEC Reports Decline in Enforcement Actions as Leadership Refocuses on Investor Harm

The U.S.

1778171646 Law
May 7, 2026
FINRA Bars Former Raymond James Broker for Refusing Testimony in Unauthorized Trading Probe

A former registered representative with Raymond James has been barred from the securities industry after refusing to cooperate with a Financial Industry Regulatory Authority (FINRA) investigation into alleged unauthorized trading activity.