182781P.pdf   07/27/2020  Francesca Allen  v.  Wells Fargo & Company
   U.S. Court of Appeals Case No:  18-2781
   U.S. District Court for the District of Minnesota   
   [PUBLISHED] [Shepherd, Author, with Grasz and Kobes, Circuit Judges] 
   Civil case - ERISA. In action alleging Wells Fargo and the fiduciaries of 
   its 401(k) plan for employees violated their fiduciary duties under ERISA 
   by failing to take corrective action to protect plan participants actions 
   before the disclosure of Wells Fargo's fraud in 2018,the district court 
   dismissed plaintiffs' second amended complaint and they appeal. The 
   district court did not err in finding plaintiffs failed to plausibly 
   allege claims of breach of duty of prudence and breach of duty of loyalty 
   under ERISA; plaintiffs have failed to plausibly allege that a prudent 
   fiduciary in the defendants' position could not have concluded that 
   earlier disclosure of information about the fraud would have done more 
   harm than good; with respect to the claims of breach of loyalty, neither 
   of plaintiffs' claims against the fiduciaries - failure to disclose 
   material information to plan participants about Wells Fargo's sale 
   practices and conflicts of interest and actions of self-interest - pleaded 
   a claim for breach of the duty of loyalty.