Wachovia Dodges 4 Securities Class Actions

Law360, New York (April 1, 2011, 10:59 PM EDT) -- Wachovia Corp. won dismissal of four putative class actions Thursday in New York that accused the bank and its executives of violating securities law by allegedly misrepresenting its mortgage-based holdings after acquiring a California-based mortgage lender in 2006.

In an opinion issued in the U.S. District Court for the Southern District of New York, Judge Richard J. Sullivan dismissed all but a few of the claims against Wachovia and parent company Wells Fargo Corp.

The plaintiffs' claims in all four cases stem from Wachovia's 2006 acquisition...
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