An amended lawsuit alleges the chief financial officer at UnitedHealth Group was motivated by his company's significant business relationships with Wells Fargo when he pushed to retain the bank's low-performing investment funds in the employee 401(k) plan.
First filed in April 2021, the class action complaint was updated this month to list UnitedHealth Group CFO John Rex as a defendant. It added allegations that the executive intervened and blocked a decision to remove the Wells Fargo funds despite concerns from the retirement plan's investment committee and an outside consultant.
About 200,000 employees, former employees and their beneficiaries invest in the UnitedHealth Group 401(k) savings plan.
