Class Action Asserts Plan Fiduciaries Did Not Adequately Review Investment Portfolio

Mealey's (December 5, 2017, 1:33 PM EST) -- DULUTH, Minn. — A class action lawsuit was filed Nov. 17 in Minnesota federal court against the fiduciaries of the Wells Fargo & Company 401(k) Plan pursuant to the Employee Retirement Income Security Act, alleging that the defendants breached their fiduciary duties of prudence and loyalty by their lack of systematic and unbiased review of the plan’s investment options (Stacey Wayman, individually and on behalf of herself and all others similarly situated v. Wells Fargo & Co., et al., No. 17-05153, D. Minn.)....

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