Wells Fargo & Co. enriched itself at its employees’ expense by including costly, in-house target date funds in its 401(k) plan, a new class action complaint alleges ( Meiners v. Wells Fargo & Co. , D. Minn., No. 0:16-cv-03981, complaint filed 11/22/16 ). In the past year, several proposed class actions have targeted financial companies that include in-house investment products in …
Wells Fargo faces a new lawsuit claiming 401k self-dealing on the part of $3 billion of employee retirement savings. Plaintiffs allege the company funneled 401k plan assets into “expensive, under-performing” proprietary target date funds to enrich itself. Reuters reports the proposed class-action lawsuit, filed on Tuesday in federal court in Minnesota, accused the third-largest U.S. bank of steering 401(k) contributions to its Wells Fargo Dow Jones Target Date funds. The lawsuit, filed by employees, seeks to “recoup excess fees and unrealized profits stemming from Wells Fargo’s alleged breach of fiduciary duties to all 401(k) participants over the last six years,” according to the complaint. It added that Wells Fargo’s target date funds cost 2.5 times more than similar funds from …
Calling it a classic “bait and switch,” a California consumer group on Tuesday lashed out at Anthem Blue Cross of California, claiming it failed to adequately warn customers they were being shifted in 2017 to brand-new, stripped-down plans. Santa Monica-based Consumer Watchdog announced it has filed a class action lawsuit against the health insurance giant after Anthem moved hundreds of …
Providence Health & Services has agreed to pay $351.9 million to settle a class-action lawsuit over its employee-pension plan. Two nurses filed the lawsuit in November 2014 against the Renton-based health-care system, which operates hospitals and health-care facilities in five Western states. They argued the health-care group failed to fully fund their workers’ retirement plan, depriving 73,000 …
A Renton-based health care system has agreed to pay $351.9 million to settle a class-action lawsuit over its employee pension plan. The Seattle Times reports that two nurses with Providence Health & Services filed a lawsuit against their employer in 2014 arguing that the health care group failed to fully fund their workers’ retirement plan.
A legal threat has members of the Metro Council weighing whether helping Google Fiber is worth the headaches of litigation. Google wants permission for work crews to rearrange the high-speed internet cables on utility poles through a plan called “One Touch Make Ready.” But officials say they’re counting on a lawsuit by AT&T if the council goes forward …
Magistrate Judge Steven Locke of the Eastern District New York, recently denied conditional certification under the Fair Labor Standards Act (FLSA) in the Cowell v. Utopia Home Carecase. For some home health patients, a plan of care includes general household tasks. | Janice Smits / Shutterstock This decision prevents the Utopia Home Care employees from filing …
The University of Pennsylvania is one of several universities being sued by employees amid allegations that the schools’ retirement plans come with excessive fees. In addition to the University of Pennsylvania, complaints were filed on behalf of employees of Duke University, Johns Hopkins University and Vanderbilt University. Before the latest round of complaints, lawsuits were …
Last Tuesday, a proposed class action lawsuit naming Columbia University was filed in the New York federal district court.
Morgan Stanley faces $1.5 billion lawsuit for mismanagement of employee retirement funds Submitted by Valerie Rogers on Sat, 08/20/2016 – 08:32 Morgan Stanley’s 401 (k) plan participants have filed a lawsuit claiming that the financial services major mismanaged the funds. The lawsuit claims that nearly 60,000 participants in Morgan Stanley’s fund faced significant financial loss as the fund …