Wells Fargo Succeeds Over Ex-Employee’s 401(k) Forfeiture Suit

Wells Fargo & Co. convinced a federal judge in Minnesota to dismiss a proposed class action over how the bank manages money forfeited in its employees’ 401(k) plans.

Judge John R. Tunheim of the US District Court for the District of Minnesota dismissed the case Wednesday after determining that former employee and lead plaintiff Thomas Matula Jr. lacked standing.

The case is one of several alleging that various companies violated the Employee Retirement Income Security Act by not treating forfeited employer contributions to 401(k) plans properly. Cases against Qualcomm Inc. and Intuit Inc. have advanced, while such claims failed against ...