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Wells Fargo Moves Would-be Class Suit Over 401(k) to Minnesota

Sept. 22, 2020, 6:01 PM

Wells Fargo & Co. can defend a proposed class action challenging the affiliated funds in its 401(k) plan in the bank’s home state of Minnesota, a California federal judge said in an opinion transferring the case.

The forum selection clause in Wells Fargo’s retirement plan—which requires that all plan disputes be submitted to the U.S. District Court for the District of Minnesota—is valid and enforceable, Judge Jon S. Tigar said Monday, granting the bank’s motion to transfer the case out of his courtroom in the U.S. District Court for the Northern District of California.

Plan participant Yvonne Becker sought to ...