After DOL Settlement, Wells Fargo 401(k) Plan Participants File ERISA Suit Over ESOP

Mealey's (September 28, 2022, 1:03 PM EDT) -- MINNEAPOLIS — Weeks after the U.S. Department of Labor (DOL) announced a settlement following investigation in which it concluded that “those responsible for Wells Fargo’s 401(k) plan paid more than fair market value for employer stock,” plan participants filed a putative class suit in Minnesota federal court asserting claims of prohibited transactions, breach of fiduciary duty and breach of co-fiduciary duties....

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