Squitieri & Fearon, LLP is currently investigating claims on behalf of participants in the Wells Fargo & Company 401(k) Plan who invested their retirement assets in Wells Fargo’s mutual funds — known as “Target Date Funds”. Those funds generally cost at least two times more than comparable target date funds and often underperformed the other funds. Wells Fargo overcharged participants in the plan by charging fees for managing the funds and for managing index funds underlying the target date funds. In effect, Wells Fargo was double-dipping on its fees. Over time, these higher fees significantly decreased the retirement assets available to the participants in the Wells Fargo 401k plan. As a result, participants in the 401k plan who invested in the Wells Fargo funds lost millions of dollars in retirement assets that instead went directly to Wells Fargo and some of its related entities.
The funds with these higher fees included the following Wells Fargo Dow Jones Target Date Funds:
the Wells Fargo Dow Jones Target Today Fund;
the Wells Fargo Dow Jones Target 2010 Fund;
the Wells Fargo Dow Jones Target 2015 Fund;
the Wells Fargo Dow Jones Target 2020 Fund;
the Wells Fargo Dow Jones Target 2025 Fund;
the Wells Fargo Dow Jones Target 2030 Fund;
the Wells Fargo Dow Jones Target 2035 Fund;
the Wells Fargo Dow Jones Target 2040 Fund;
the Wells Fargo Dow Jones Target 2045 Fund;
the Wells Fargo Dow Jones Target 2050 Fund;
the Wells Fargo Dow Jones Target 2055 Fund; and
the Wells Fargo Dow Jones Target 2060 Fund.
If you were a participant or if you know someone who was a participant in any of the above-mentioned plans you may be eligible to receive compensation through a class action lawsuit. Please contact Stephen J. Fearon, Jr. by e-mail at stephen@sfclasslaw.com or by phone at (212) 421-6492. You can also complete the following form, and someone from the firm will contact you.