Wells Fargo Wants Out of Suit Over 401(k) Plan Stock Dividends

Former employees accusing Wells Fargo & Co. of mismanaging the company stock in their 401(k) plan have received everything they’re entitled to and lack standing to sue, the bank said in a new court filing.

Wells Fargo on Tuesday moved to dismiss a proposed class action claiming it misdirected the dividend income on preferred stock in its retirement plan, causing participants to miss out on more than $400 million. Discovery shows these dividends were validly used to make payments on the plan’s loans, and that Wells Fargo contributed more than $1 billion to make the loan payments needed to fund ...