A federal judge in New York has dismissed a claim that Wells Fargo & Co. and Stephens Inc. infringed on a copyright when they introduced the bank's LifePath Funds.
In an opinion signed Monday, Judge Shira A. Scheindlin rejected the complaint by John C. Boyle but gave him until Sept. 25 to amend his arguments.
Mr. Boyle, a former bond broker, alleged that a Stephens executive stole his idea for lifestyle mutual funds-portfolios that are designed to keep pace with investors' changing needs over a period as long as several decades.
The LifePath Funds, which San Francisco-based Wells launched in 1993, were the first lifestyle funds. They are now advised by Barclays Global Advisors-formerly Wells Fargo Nikko Advisors-and distributed by Stephens, of Little Rock.