Wells Fargo Cites 401(k) Ruling in Health Cost Dispute (Correct)

A lawsuit from former employees over the costs of Wells Fargo’s health plan should be dismissed because the case does not meet standards outlined by a similar Second Circuit decision on 401k fees, the banking giant said in a filing in Minnesota federal court.

The workers sued in July over administrative fees and prescription drug costs, arguing the company violated fiduciary duties under the Employee Retirement Income Security Act by allowing pharmacy benefit manager Express Scripts to pocket drug manufacturer rebates. Wells Fargo & Co. argued the complaint does not allege total direct and indirect costs exceeded those of other …