BG Wins Important Motion to Dismiss in ERISA Case Against Wells Fargo

Bailey Glasser’s ERISA team and co-counsel won an important motion to dismiss in a lawsuit pending the District of Minnesota. The lawsuit claims Wells Fargo stiffed its employees for years by using dividends on preferred stock that belonged to the Wells Fargo 401(k) plan to offset its employer matching contribution obligations. Had Wells Fargo not misappropriated the preferred stock dividends, Wells Fargo employees would have received thousands of additional shares of Wells Fargo common stock—the form of Wells Fargo’s matching contributions.  Wells Fargo’s misconduct resulted in a parallel lawsuit by the Department of Labor, which was settled for $125 million. The case will now go forward with discovery, where Gregory Porter and Mark Boyko from Bailey Glasser’s ERISA team will litigate the case.

To read an article published by Law360 on this win, please visit this link. 

A copy of the complaint in this matter can be found here.

Our award-winning and nationally ranked ERISA team has deep experience in handling these kinds of matters and has recovered hundreds of millions of dollars on behalf of employees and retirees. To learn more about our ERISA group visit here.