Wells Fargo Accused Of Mismanaging Forfeited 401(k) Funds

By Dorothy Atkins

A former Wells Fargo employee hit the San Francisco-based bank with a proposed class action in California federal court Tuesday, alleging Wells Fargo and its fiduciaries violated the Employee Retirement Income Security Act by using forfeited retirement funds to reduce its own contributions to other workers' 401(k)s.

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