UnitedHealth Group has agreed to settle an ERISA class action for $69 million over allegations stemming from a 401(k) plan investment in Wells Fargo funds.

Plaintiff’s counsel, Sanford Heisler Sharp McKnight, announced the settlement was reached Friday in Snyder v. UnitedHealth Group and said it is believed to be the largest ever reached in a case stemming from poor performance of a 401(k). One UnitedHealthcare employee, Kim Snyder, was selected as the sole representative of a class of roughly 300,000, plaintiffs. Although the parties have reached an agreement, it is subject to review by U.S. District Judge John R. Tunheim of the District of Minnesota.