Former Wells Fargo Worker Loses Appeal Over 401(k) Venue Clause

A former Wells Fargo & Co. employee who sued the company over its 401(k) plan failed Thursday to convince the Ninth Circuit that her ERISA suit was wrongly transferred from California to Minnesota pursuant to a forum selection clause in her retirement plan.

Yvonne Becker filed the proposed class action, which challenged affiliated funds in Wells Fargo’s $40 billion 401(k) plan, and it was transferred to Minnesota based on a clause requiring all plan litigation to be brought in the bank’s home state. Becker argued to the U.S. Court of Appeals for the Ninth Circuit that Congress expressly entitled plaintiffs ...