Case Overview

Cases Covered: Anderson v. Intel Corp. Investment Policy Committee; Wells Fargo CARES Act Class Action

Vertical: Financial & Securities Fraud / ERISA

Article Type: Roundup

Published: February 2026

ERISA Roundup: Supreme Court to Weigh 401(k) Lawsuit Standard, Plus a Wells Fargo Settlement With an Approaching Deadline

Two significant developments in financial class action litigation are drawing attention from retirement savers and consumers alike. A landmark Supreme Court case could reshape how ERISA lawsuits are fought—while a $56.85 million Wells Fargo settlement is moving toward a claims deadline. Here's what you need to know about both.

1. Anderson v. Intel Corp. Investment Policy Committee

Status: Accepted for Supreme Court review — January 16, 2026

Estimated Impact: Could affect millions of 401(k) plan participants nationwide

Who May Be Affected: Employees and retirees in employer-sponsored retirement plans

On January 16, 2026, the U.S. Supreme Court agreed to hear Anderson v. Intel Corp. Investment Policy Committee, an ERISA lawsuit that legal observers say could have sweeping implications for how workers protect their retirement savings.

At the center of the case is a fundamental question: when 401(k) plan participants sue fiduciaries for allegedly mismanaging their retirement funds through risky investments, must they compare the plan managers' choices to safer alternatives as part of their legal burden?

The answer could significantly raise or lower the bar for future ERISA claims.

Under the Employee Retirement Income Security Act (ERISA), employers and plan administrators have a fiduciary duty to manage retirement assets prudently and in the best interest of plan participants. When that duty is allegedly breached—through poor investment choices, excessive fees, or imprudent risk—plan participants may have the right to sue for losses.

The Intel case centers on allegations that plan fiduciaries steered retirement assets into risky investment options, ultimately harming participants' account balances. A key legal dispute in the case is whether plaintiffs must identify a more prudent alternative investment as part of proving their claim—a standard that, if adopted broadly, could make ERISA lawsuits considerably harder to bring.

The Supreme Court's eventual ruling is expected to set a national precedent affecting how lower courts evaluate similar claims going forward.

What to watch: A decision is expected before the end of the Court's current term in June or July 2026. The outcome could either strengthen protections for retirement savers or narrow the circumstances under which ERISA claims may proceed.

2. Wells Fargo CARES Act Credit Reporting Settlement

Settlement Amount: $56.85 million

Deadline: Check the official settlement website for current claim filing deadlines

Who May Qualify: Consumers who had mortgage forbearances reported under the CARES Act and whose credit reports may have been inaccurately updated by Wells Fargo

Wells Fargo has agreed to a $56.85 million class action settlement to resolve allegations that it violated the Fair Credit Reporting Act (FCRA) in connection with how it reported mortgage forbearances granted under the CARES Act.

The CARES Act, passed in March 2020, allowed homeowners experiencing pandemic-related financial hardship to temporarily pause or reduce mortgage payments through a forbearance arrangement. The law included consumer protections specifying how lenders were to report such forbearances to credit bureaus.

According to the lawsuit, Wells Fargo allegedly failed to accurately reflect CARES Act forbearances on borrowers' credit reports, which the complaint claims resulted in inaccurate negative credit information appearing on affected consumers' files.

Wells Fargo has not admitted wrongdoing as part of the settlement agreement.

Estimated payout: Individual settlement amounts will vary depending on the number of valid claims submitted and the specific circumstances of each claimant's account. Class members may be eligible to receive a share of the net settlement fund.

Proof requirements: Class members may need to provide documentation confirming their Wells Fargo mortgage account and forbearance status. Check the official settlement claim portal for current documentation requirements.

How to claim: Visit the official settlement administrator's website to determine eligibility and submit a claim before the deadline.

Key Takeaways

• The Intel ERISA case is one to watch in 2026. The Supreme Court's ruling could reshape the legal landscape for 401(k) mismanagement claims—affecting both the rights of retirement savers and the liability exposure of plan administrators across the country.
• ERISA lawsuits involve complex legal standards. Whether a plan participant has a viable claim often depends on the specific investment choices made, the alternatives available, and how courts interpret the fiduciary duty standard—an area the Supreme Court is now directly addressing.
• Wells Fargo settlement claims windows close. If you had a mortgage forbearance with Wells Fargo during the CARES Act period, you may want to check the settlement details promptly. Deadlines in class action settlements are typically firm, and late claims are generally not accepted.
• You don't need to have sued to file a settlement claim. Class members in settlements like the Wells Fargo case may be eligible to submit a claim without having previously taken any legal action.
• Check your credit reports. If you believe your CARES Act forbearance was inaccurately reported, reviewing your credit file through the major bureaus may help clarify whether you were affected.

Have you filed for any of these settlements, or are you following the Intel Supreme Court case? Share your experience in the comments below.

This article is for informational purposes only and does not constitute legal or financial advice. Eligibility for any settlement or legal claim should be evaluated by a qualified attorney.