When are we going to get our cut from the 401K settlement ?
9 replies (most recent on top)
I will individually sue because this company knows better. This is ridiculous to steal from your employees and then want to fire a person like it’s nothing
Disappointed that WFB management feels no need to address its staff that the federal gov’t ruled the Bank wrongly obtained $130 million from its own employees’ pockets. Even if WFB settled to avoid protracted litigation, do you think they considered how this looks to staff? Do they think dismissing it as a “legacy” issue means everyone can just forget about it?
That $130 million reimbursement is for overcharging employees on WFB stock and using their own money and dividends to provide a Company “benefit” - the 401k match.
Sure , $130 mm over 300,000+ retire accounts might tabulate as $450 or so per
retirement account on average over the litigation period. Small enough to escape your attention, maybe, but it sure adds up to a lot.
Yet mngt feels no need to face its employees besides “it’s a legacy annoyance”? Breathtaking.
When pigs fly.
You’ll get nothing after the lawyers anyway.
Forget the 401(k). I’m looking forward to my February bonus. 401(k)s are for chumps.
Wells Fargo ERISA Settlement
The Court granted Final Approval of the Settlement on August 31, 2022, and the Settlement is now final.
Settlement distributions are expected to occur by December 2022.
Google is your friend
Did you check the mailroom? Probably been there since March 2020.
Can't squeak by without that $4?
It will be quiet a while yet before that $1.69 check shows up in your mailbox. These things take time.
After lawyers get their cut.