Wells Fargo And Co. 401(k) Class Action Filed Over Proprietary Target Date Funds

(November 30, 2016, 1:59 PM EST) -- MINNEAPOLIS — A putative class action lawsuit under the Employee Retirement Income Security Act was filed Nov. 22 in Minnesota federal court against the sponsor and fiduciaries of the Wells Fargo and Co. 401(k) Plan, alleging that they violated their duties of loyalty and prudence in investing plan assets by selecting as investments proprietary Wells Fargo target date funds (TDFs) and designing a system to maximize the amount of plan assets invested into those mutual funds (John Meiners, et al. v. Wells Fargo & Co., et al., No. 0:16-cv-03981, D. Minn.)....

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