Securities Class Action Against Wells Fargo Pared

Law360, New York (April 26, 2010, 3:50 PM EDT) -- A federal judge has dismissed three credit rating agencies from a putative class action accusing Wells Fargo Bank NA of misleading investors into buying risky mortgage-backed securities and ruled that the plaintiffs may only bring claims against the bank and underwriters for those securities they actually purchased.

Judge Susan Illston of the U.S. District Court for the Northern District of California on Thursday dismissed Moody’s Investors Service Inc., Fitch Inc., and McGraw-Hill Cos. Inc., which owns Standard & Poor's Financial Services LLC, from the suit. She...
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