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Text of District Court Opinion Dismissing Participant Claims of Breach of ERISA Duty of Loyalty in Wells Fargo Stock Drop Claim (PDF)
U.S. District Court for the District of Minnesota 
July 23, 2018
"[P]laintiffs do not claim that defendants misled them about 'plan- and benefit- specific information,' such as the terms of Wells Fargo's 401(k) plan.... Instead, plaintiffs claim that defendants failed to disclose inside corporate information 'that might affect the value of the corporation's stock' -- information that would be of interest to every member of the investing public.... [To] the extent that plaintiffs' loyalty claim relies solely on defendants' nondisclosure of inside information about Wells Fargo's present and future financial condition, plaintiffs' loyalty claim must be dismissed." [In re: Wells Fargo ERISA 401(k) Litigation, No. 16-3405 (D. Minn. July 19, 2018)]
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