8th Circuit OKs Dismissal Of ERISA Class Action Over Wells Fargo's Illegal Sales

Mealey's (July 31, 2020, 12:59 PM EDT) -- ST. LOUIS — A federal court in Minnesota properly dismissed a class action complaint alleging that Wells Fargo & Co. and others violated their duties of prudence and loyalty to a benefit plan under the Employee Retirement Income Securities Act by failing to either disclose the bank's unlawful sales practices or freeze purchases of the bank's stock, the Eighth Circuit U.S. Court of Appeals ruled July 27 (Francesca Allen, et al. v. Wells Fargo & Co., et al., No. 18-2781, 8th Cir., 2020 U.S. App. LEXIS 23965)....