Minnesota Federal Judge: ERISA Claims Against Wells Fargo Survive Dismissal Bid

Mealey's (May 14, 2021, 1:22 PM EDT) -- ST. PAUL, Minn. — A participant who calls Wells Fargo & Co.’s 401(k) employee retirement plan “one of the largest defined contribution plans in the country” has adequately pleaded claims that the bank breached its fiduciary duty and engaged in prohibited transactions under the Employee Retirement Income Security Act, a Minnesota federal judge ruled May 12, denying a motion to dismiss the putative class action....