The complaint, filed by an employee in April 2021, claimed that one of the company’s Wells Fargo 401(k) funds has been underperforming for years, but has continued to be an investment option for employees. The employee claimed the underperformance cost investors “hundreds of millions of dollars of damages and lost-opportunity costs,” according to the lawsuit.
The judge approved Feb. 2 that employees contributing to the underperforming fund would be eligible class members, and certified the class.
A UnitedHealth Group spokesperson told Law360 that the case was “without merit” and that the payer would continue to defend itself.
