Wells Fargo Beats ERISA Suit At 8th Circ.

Law360 (August 3, 2018, 12:53 PM EDT) -- The Eighth Circuit on Friday upheld a Minnesota federal judge’s decision to toss a proposed Employee Retirement Income Security Act class action accusing Wells Fargo of improperly steering workers’ retirement savings toward its own products instead of better options.

A unanimous three-judge panel found a proposed class led by John Meiners failed to show that Wells Fargo’s investment funds were an imprudent choice for the bank’s 401(k) plan. This finding torpedoed the whole suit, the panel noted.

"We conclude Meiners’s complaint fails to state a plausible claim because it lacks 'sufficient factual matter, accepted as true,' to demonstrate that the Wells...

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