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Names CFO John Rex as an individual defendant and adds new claims against all the defendants
MINNEAPOLIS, Aug. 24, 2022 (GLOBE NEWSWIRE) -- Sanford Heisler Sharp today filed an amended class action complaint against UnitedHealth Group, Inc. that contains new allegations and substantially expands the scope of Snyder v. UnitedHealth Group, et al., an ERISA class action filed last year in the federal District Court for the District of Minnesota.
The matter, which was certified as a class action in February 2022, centers on UnitedHealth’s decision to keep one of the worst performing investment options in the entire market—the Wells Fargo Target Fund Suite—as the default investment for UnitedHealth’s 401(k) retirement plan for over a decade. As the amended complaint alleges, Wells Fargo was a critical customer and financier for UnitedHealth, and UnitedHealth executives personally intervened to keep the Wells Fargo Target Fund Suite on UnitedHealth’s 401(k) Plan to curry favor with, and benefit, their key business partner, Wells Fargo.
Based on information that was only recently produced in discovery, the amended complaint presents a detailed chronology of UnitedHealth’s decision-making behind closed doors, including the role played by UnitedHealth’s CFO, John Rex. The complaint alleges that the 401(k) plan’s independent investment consultant recommended removing the...
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