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Wells Fargo Suit Doesn't Fall Under ERISA, Judge Says

Law360 (July 20, 2018, 6:53 PM EDT) -- A federal judge in Minnesota on Thursday dismissed Wells Fargo retirement plan participants' claims without a chance to revise, finding that their suit over losses the plans suffered after the bank copped to unethical sales practices doesn't fall under the Employee Retirement Income Security Act.

Though U.S. District Judge Patrick J. Schiltz disagreed in part with the bank’s analysis of whether its members breached their loyalty to participants when they allegedly kept the account fraud scandal under wraps, he said failing to disclose information relevant to...
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