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Judge rules in favor of Westco Chemicals in 401(k) suit

A federal court judge in Los Angeles has rebuffed a lawsuit by participants in a Westco Chemicals Inc. 401(k) plan who argued that executives breached their ERISA duties by offering only certificates of deposit in the plan menu. U.S. District Court Judge Otis D. Wright II ruled the plaintiffs…

Wells Fargo fails to shake lawsuit over its $40B 401(k) plan

Wells Fargo fails to shake 401(k) suit The development likely gives the plaintiffs more leverage for a settlement, as the class-action case has moved one step closer to a trial. May 14, 2021 4 MINS A lawsuit against Wells Fargo over the use of its own investment products in the company’s $40 billion 401(k) plan this week cleared a major hurdle. On Wednesday a federal judge denied a motion to dismiss the case, finding that the plaintiffs’ “allegations are far more than general assertions, and that accepted as true, show that [the] defendants engaged in prohibited transactions.” The development likely gives the plaintiffs more leverage for a settlement, as the class-action case has moved one step closer to a trial.

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