BNY, Wells Fargo Cut Securities Fraud Action Claims

Law360, New York (February 11, 2011, 7:15 PM EST) -- The Bank of New York Mellon and Wells Fargo Bank NA have trimmed claims from a putative class action brought by shareholders over alleged securities fraud perpetrated by several medical financing companies.

Judge David O. Carter of the U.S. District Court for the Central District of California granted in part and denied in part the banks' motion to dismiss the case and granted BNY's motion to strike the plaintiffs' bid for punitive damages in an order issued on Monday.

The case stems from an alleged securities...
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