Wells Fargo (WFC) Has A New Employee Lawsuit To Deal With

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Wells Fargo & Co has had one rough year. The third-largest U.S. bank is now facing yet another employee lawsuit that claims the bank funneled more than $3 billion of employee retirement savings. The bank has been accused of “self-dealing and imprudent investing” by steering 401(k)contributions to its Wells Fargo Dow Jones Target Date funds.

The class-action lawsuit filed by employees, is led by John Meiners, and was filed in federal court in Minnesota on Tuesday.

The complaint said the employees seek 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, Wells Fargo’s 401(k) plan has about $35 billion in assets and more than 350,000 participants.

Disclaimer: We have no position in Wells Fargo & Co (NYSE: WFC) and have not been compensated for this article.