8th Circuit Affirms Dismissal Of ERISA Action Against Wells Fargo

Mealey's (August 6, 2018, 11:10 AM EDT) -- ST. LOUIS — Citing a plan participant’s “omission of any meaningful benchmark” in a class action complaint against Wells Fargo & Co., the Eighth Circuit U.S. Court of Appeals on Aug. 3 upheld a Minnesota federal judge’s dismissal of allegations the bank breached its fiduciary duties when it failed to replace Wells Fargo Target Date Funds (TDFs) with less expensive Vanguard and Fidelity funds (John Meiners, et al. v. Wells Fargo & Company, et al., No. 17-2397, 8th Cir.)....