Wells Fargo Cites New Facts in Bid to Disband Plaintiffs
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Wells Fargo & Co., citing “new facts,” asked a judge to revoke the class-action status he bestowed on a suit by institutional investors who claimed the bank marketed a risky securities-lending program as safe.
Wells Fargo today asked U.S. District Judge Donovan W. Frank in St. Paul, Minnesota, to revisit his decision allowing the plaintiffs to pursue their action together instead of individually, giving them greater leverage to obtain a settlement. The bank is also seeking dismissal of multiple investor claims.