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This settlement is closed!
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Wells Fargo has agreed to a $32.5 million Employee Retirement Income Security Act (ERISA) class action lawsuit settlement resolving claims it mismanaged the company’s retirement plan. Rollover forms in the Wells Fargo lawsuit settlement are due July 21, 2022.
Anyone who was a participant of the Wells Fargo & Co. 401(k) plan at any time between March 13, 2014, through the date the settlement becomes final is eligible to benefit from the settlement.
Wells Fargo, a financial institution offering banking, mortgage and other services, employed nearly 250,000 people as of May 12, 2022, according to Forbes.
Plaintiffs in the class action lawsuit alleged Morgan Stanley breached its fiduciary duties and violated the federal ERISA by offering and retaining certain funds as investment options.
Those funds — the “Challenged Funds” — are:
- Wells Fargo/State Street Target Date CITs, including all vintages, i.e., Wells Fargo/State Street Target Today CIT, Wells Fargo/State Street Target 2010 CIT, Wells Fargo/State Street Target 2015 CIT, Wells Fargo/State Street Target 2020 CIT, Wells Fargo/State Street Target 2025 CIT, Wells Fargo/State Street Target 2030 CIT, Wells Fargo/State Street Target 2035 CIT, Wells Fargo/State Street Target 2040 CIT, Wells Fargo/State Street Target 2045 CIT, Wells Fargo/State Street Target 2050 CIT, Wells Fargo/State Street Target 2055 CIT, Wells Fargo/State Street Target 2060 CIT, Wells Fargo/State Street Target 2065 CIT
- Wells Fargo/State Street Global Bond Index CIT
- Wells Fargo/SSGA Global Equity Index CIT
- Small Cap Fund, including the Wells Fargo Emerging Growth Fund but not including any non-Wells Fargo component funds
- International Equity Fund, including the Wells Fargo/Causeway International Value CIT but not including its non-Wells Fargo component funds
- Global Bond Fund, including the Wells Fargo/Federated Total Return Bond CIT but not including its non-Wells Fargo component funds
- Wells Fargo 100% Treasury Money Market Fund
- Wells Fargo Stable Value Fund, including all of its component funds, e.g., the Wells Fargo/BlackRock Short Term Investment Fund and Wells Fargo Stable Return Fund
Wells Fargo denies any wrongdoing, but has agreed to the settlement to resolve the accusations.
After expenses such as attorneys’ fees and administration costs have been deducted from the $32.5 million settlement fund, class members will be eligible to receive payments.
These funds will be allocated to class members who invested in the Challenged Funds.
Current participants with a positive balance in their plan account and who invested in the Challenged Funds will have their payment deposited directly into their plan accounts; taxes will not be withheld.
Former participants — individuals who have had an active plan account sometime since March 13, 2014, but who do not currently have an account with a positive balance and who invested in the Challenged Funds will automatically receive their payments via check with applicable 1099 taxes withheld. These class members do not need to submit any paperwork to receive a payment.
Because of the costs associated with check distribution, tax withholdings and forms, in order to receive a payment, former participants must have a recovery of at least $5.
Alternatively, former participants who would prefer to have their settlement recovery rolled over into an individual retirement or qualified retirement plan account may fill out a former participant rollover form.
Taxes will not be withheld from rollovers. Former participants are advised to contact a tax advisor before making a decision.
Class members whose mailing address has changed should contact the Wells Fargo ERISA class action lawsuit settlement administrator.
A final approval hearing is scheduled for Aug. 10, 2022.
The deadline to object to the Wells Fargo retirement plan ERISA class action lawsuit settlement is July 21, 2022.
The deadline to submit a rollover form is also July 21, 2022.
Who’s Eligible
Anyone who was a participant of the Wells Fargo & Co. 401(k) plan at any time between March 13, 2014, through the date the settlement becomes final is eligible to benefit from the settlement.
Potential Award
Varies
Proof of Purchase
No proof of purchase applicable
Former Participant Rollover Form
NOTE: If you do not qualify for this settlement do NOT file a claim.
Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.
Former Participant Rollover Form Deadline
07/21/2022
Case Name
Becker, et al. v. Wells Fargo & Company, et al., Case No. 0:20-cv-02016, in the U.S. District Court for the District of Minnesota
Final Hearing
08/10/2022
Settlement Website
Claims Administrator
Wells Fargo ERISA Settlement
P.O. Box 2009
Chanhassen, MN 55317-2009
info@wellsfargoerisasettlement.com
844-485-2675
Class Counsel
Michelle C Yau
COHEN MILSTEIN SELLERS & TOLL PLLC
Defense Counsel
Russell L Hirschhorn
PROSKAUER ROSE LLP
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48 thoughts onWells Fargo retirement plan $32.5M class action settlement
From the Settlement Website :
The Court granted Final Approval of the Settlement on August 31, 2022, and the Settlement is now final.
Settlement distributions are expected to occur by December 2022.
Employed Jan 2000- February 2011
Unable to get into on my plan/ 401k, was hung up on , when requested info, please Inc me in law suits
A Muckle
how do I know if I’m added
I was in a class action suite the Wells Fargo with text messages and robo calls in 2014. I moved out of San Diego were the claim was and lost records, any way of obtaining information?
How cab I verify that I was added to this claim?