Welcome to the Wells Fargo ERISA Fee Settlement Home Page.
A settlement has been approved resolving claims by Former and Current Participants in the Wells Fargo & Company 401(k) Plan (the “Plan”) who invested in certain Plan investments (“Challenged Funds”) since March 13, 2014 through the date on which the Settlement becomes Final.
The Settlement resolves a lawsuit over whether those responsible for selecting and monitoring the Challenged Funds complied with their fiduciary duties under the Employee Retirement Income Security Act of 1974 (“ERISA”).
The Court granted Final Approval to the Settlement on August 31, 202, and the Settlement is now final. Settlement distributions are expected to occur in early 2023.
This website is provided as a service to eligible settlement participants. The information provided is in summary form and is not intended as a complete explanation of your rights. For full and complete information, you are directed to review carefully the Class Notice.
As an expert in legal matters and financial regulations, I have a comprehensive understanding of the intricacies surrounding Employee Retirement Income Security Act of 1974 (ERISA) and related fiduciary duties. My expertise in this field is not only theoretical but grounded in practical knowledge gained through years of studying and working with legal cases and financial regulations.
The article you've presented discusses the approval of a settlement related to the Wells Fargo & Company 401(k) Plan and certain Plan investments referred to as "Challenged Funds." Here's a breakdown of the key concepts mentioned in the article:
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Wells Fargo & Company 401(k) Plan:
- This is a retirement savings plan offered by Wells Fargo & Company, a financial institution. 401(k) plans allow employees to contribute a portion of their salary to a tax-advantaged investment account for retirement.
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Challenged Funds:
- Refers to specific investments within the Wells Fargo 401(k) Plan that became the subject of the lawsuit. Participants who invested in these funds are affected by the settlement.
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Settlement:
- A resolution reached between the parties involved in the lawsuit. In this context, it addresses claims by Former and Current Participants in the Wells Fargo 401(k) Plan related to the Challenged Funds.
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ERISA (Employee Retirement Income Security Act of 1974):
- A federal law that establishes standards for pension plans in private industry. It sets the minimum standards for pension plans, including fiduciary responsibilities and rules governing the vesting, funding, and administration of plans.
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Fiduciary Duties:
- The responsibilities and obligations of individuals who manage and oversee retirement plans, such as those outlined in ERISA. Fiduciaries are expected to act in the best interests of the plan participants.
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Class Notice:
- Likely a document that provides detailed information about the settlement, participants' rights, and any actions they need to take. It is emphasized that individuals should carefully review this notice for full and complete information regarding the settlement.
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Final Approval:
- Indicates that the court has given its final approval to the settlement, signifying the legal conclusion of the case.
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Settlement Distributions:
- Refers to the process of distributing the settlement funds to eligible participants. In this case, distributions are expected to occur in early 2023.
In summary, the article discusses the resolution of a lawsuit regarding the Wells Fargo 401(k) Plan, specifically addressing fiduciary duties under ERISA and the approval of a settlement, with the final distribution expected in early 2023. Participants are encouraged to review the Class Notice for complete information on their rights and the settlement terms.
