Wells Fargo Sued Over In-House 401(k) Funds, Again

Wells Fargo & Co. is once again in the crosshairs of a proposed class action challenging the in-house investment funds in the company’s 401(k) plan.

The lawsuit, filed Nov. 17 in a Minnesota federal court, accuses the banking giant of filling its 401(k) plan with expensive and poorly performing investment funds that earned fees for Wells Fargo. The company is also accused of failing to use its “enormous size” as the third-largest 401(k) plan in the country—with nearly $40 billion in assets at one point—to negotiate for lower fees ( Wayman v. Wells Fargo & Co. , D. Minn., No. ...