Austin Myers v. Wells Fargo Securities, LLC

CourtDistrict Court, C.D. California
DecidedNovember 25, 2019
Docket2:19-cv-05245
StatusUnknown

This text of Austin Myers v. Wells Fargo Securities, LLC (Austin Myers v. Wells Fargo Securities, LLC) is published on Counsel Stack Legal Research, covering District Court, C.D. California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Austin Myers v. Wells Fargo Securities, LLC, (C.D. Cal. 2019).

Opinion

CENTRAL DISTRICT OF CALIFORNIA

CIVIL MINUTES—GENERAL

Case No. CV 19-5245-MWF-RAO Date: November 25, 2019 Title: Austin Myers v. Wells Fargo Securities, LLC et al. Present: The Honorable MICHAEL W. FITZGERALD, U.S. District Judge

Deputy Clerk: Court Reporter: Rita Sanchez Not Reported

Attorneys Present for Plaintiff: Attorneys Present for Defendant: None Present None Present

Proceedings (In Chambers): ORDER RE: MOTION TO REMAND [15], MOTION FOR SUMMARY JUDGMENT [17]

Before the Court are two motions: First, there is the issue of remand. Plaintiff Austin Myers filed a Motion to Remand on July 16, 2019. (Docket No. 12). Plaintiff then filed a revised Motion to Remand, which is the operative motion the Court here considers, on July 17, 2019. (Docket No. 15). On August 23, 2019, Defendant Wells Fargo Securities, LLC (“WFS”) filed an Opposition. (Docket No. 19). Plaintiff filed a Reply on September 3, 2019. (Docket No. 23). Second, there is the Motion for Summary Judgment filed by WFS on August 19, 2019. (Docket No. 17). On August 27, 2019, Plaintiff filed an Opposition. (Docket No. 20). WFS filed a reply on August 30, 2019. (Docket No. 21). The Court has read and considered the papers filed in connection with the two motions and held a hearing on September 16, 2019. For the reasons discussed below, the motions are ruled upon as follows:  Plaintiff’s Motion to Remand is DENIED. WFS plausibly establishes by a preponderance of the evidence that complete diversity exists and that the amount in controversy exceeds $75,000. Plaintiff’s request for attorneys’ fees pursuant to 28 U.S.C. § 1447(c) is also DENIED. ______________________________________________________________________________ CENTRAL DISTRICT OF CALIFORNIA

Case No. CV 19-5245-MWF-RAO Date: November 25, 2019 Title: Austin Myers v. Wells Fargo Securities, LLC et al.  WFS’s Motion for Summary Judgment is DENIED. WFS’s Motion is DENIED as moot as to Plaintiff’s First, Second, and Third Claims, because Plaintiff’s requests for injunctive and declaratory relief are moot, based on WFS’s representation that it will abide by the TRO through the end of this calendar year. The Court will revisit this issue should WFS reverse course or if circumstances change. In light of this ruling, these three Claims are STAYED. As to Plaintiff’s Fourth Claim for damages, the Court denies WFS’s Motion in order to give Plaintiff a chance to amend the FAC to (1) assert a claim under ERISA, and (2) potentially plead whatever claim is appropriate relating to Plaintiff’s claimed IRS penalty, keeping in mind WFS’s ripeness argument.  Finally, Plaintiff’s Ex Parte Application for a Continuance of Defendant’s Motion for Summary Judgment Hearing (Docket No. 18) is DENIED as moot. Plaintiff will be permitted an opportunity to obtain discovery on his new complaint, should it state a claim for relief. I. BACKGROUND The following facts are based on the evidence, as viewed in the light most favorable to Plaintiff, the non-moving party. Anderson v. Liberty Lobby, Inc., 477 U.S. 242, 255 (1986) (On a motion for summary judgment, “[t]he evidence of the non- movant is to be believed, and all justifiable inferences are to be drawn in his [or her] favor.”). Plaintiff Austin Myers is an employee of WFS “at 2141 Rosecrans Avenue, El Segundo, Los Angeles County, California.” (First Amended Complaint (“FAC”) ¶ 1) (Docket No. 1-1). Defendant WFS is a corporation formed under the laws of the State of Delaware. (See Notice of Removal (“NoR”) at 6 (Docket No. 1)). WFS’s principal place of business is in Charlotte, North Carolina, which is where WFS’s corporate headquarters and executive offices are located and where WFS’s high level-officers coordinate its executive and administrative functions, such as strategic decision making, legal, human resources, accounting, and finance. (Id. (citing Declaration of Brian Farrell (“Farrell Decl.”) ¶ 2 (Docket No. 3)). ______________________________________________________________________________ CENTRAL DISTRICT OF CALIFORNIA

Case No. CV 19-5245-MWF-RAO Date: November 25, 2019 Title: Austin Myers v. Wells Fargo Securities, LLC et al. From 2004 through 2018, Plaintiff was a “commissioned employee who was paid a commission as well as a draw against that commission.” (FAC ¶ 5). Since 2016, Plaintiff has voluntarily participated in the Wells Fargo & Company Deferred Compensation Plan (the “Plan”). (WFS’s Uncontroverted Facts (“UF”) ¶ 2 (Docket No. 17-4); Plaintiff Statement of Genuine Disputes (“SGD”) ¶ 2 (Docket No. 20-1)). Section 18 of the Plan states that it is governed “as provided under ERISA” and shall be “construed and administered according to the laws of the State of Minnesota . . . to the extent that such laws are not preempted by ERISA.” Declaration of Crystal Goss (“Goss Decl.”) Ex. A at 17) (Docket No. 17-3). Section 17 of the Plan states its claims procedure, and provides that the procedure “shall provide adequate notice in writing to any Participant or beneficiary whose claim for benefits under the Plan has been denied, setting forth the specific reasons for such denial, written in a manner calculated to be understood by the claimant and shall afford a reasonable opportunity to a claimant whose claim for benefits has been denied for a full and fair review by the Company of the decision denying the claim.” (Id. (emphasis added)). This section also provides that “[a] person claiming a benefit under the Plan may not initiate a civil action regarding the claim unless (a) a claim was timely submitted; (b) all steps under the claims procedure (including appeals) were completed; and (c) the civil action is commenced within one year after completion of the claims procedure.” (Id. (emphasis added)). In November 2018, Plaintiff elected to have part of his draw and his commission deferred under the Plan. (UF ¶ 14; SGD ¶ 14). Section 6 of the Plan provides that “an Eligible Employee who wishes to defer Compensation for a Deferral Year must file an irrevocable Deferral Election with respect to that Compensation during the enrollment period specific by the Plan Administrator for that Deferral year, but no later than December 31 of the Plan Year preceding that Deferral year.” (Goss Decl. Ex. A at 6). This Deferral Election “shall indicate the amount of Compensation deferred” by “specify[ing] for each Compensation category the amount to be deferred per pay period, expressed either as a percentage or a dollar amount.” (Id.). The only exception to this system was for an employee who had “not previously been eligible to participate” in the Plan. (Id.). Plaintiff indicated on his form that he wished to defer 80% of his “Base Salary,” 25% of his “Monthly Commissions/Incentives/Draw,” and ______________________________________________________________________________ CENTRAL DISTRICT OF CALIFORNIA

Case No. CV 19-5245-MWF-RAO Date: November 25, 2019 Title: Austin Myers v. Wells Fargo Securities, LLC et al. 25% of his “Periodic or Annual Bonus/Commissions/Incentive/Draw.” (Id. Ex. B). Plaintiff contends that he inputted his elections because he “wanted to defer 80% of his advanced draw and 25% of his Commissions.” (SGD ¶ 14). In February 2019, Plaintiff received a promotion, effective March 2019, whereby Plaintiff would be paid a straight salary and bonus. (UF ¶ 17; SGD ¶ 17; Goss Decl., Ex. D). In response to this promotion, on February 22, 2019, Plaintiff emailed WFS, stating “I’m taking a new position that has a different pay structure and I need to change my 2019 deferral elections. How do I make that change?” (UF ¶ 18; SGD ¶ 18; Goss Decl., Ex. C). The executive compensation team responded and stated that, “[p]er the Wells Fargo Deferred Compensation Plan Prospectus .

Free access — add to your briefcase to read the full text and ask questions with AI

Related

Cite This Page — Counsel Stack

Bluebook (online)
Austin Myers v. Wells Fargo Securities, LLC, Counsel Stack Legal Research, https://law.counselstack.com/opinion/austin-myers-v-wells-fargo-securities-llc-cacd-2019.