Wells Fargo Moves To Toss Suit Over $7B ARS Settlement

Law360, Wilmington (July 1, 2011, 4:59 PM EDT) -- Wells Fargo Securities LLC asked a Delaware federal court on Friday to toss an investor suit over a $7 billion settlement deal related to the auction rate securities market's collapse, saying federal law precluded the claims from being brought as a class action.

Wachovia Securities LLC, which merged with Wells Fargo in the wake of the 2008 financial crisis, settled a suit brought by the U.S. Securities and Exchange Commission and agreed to pay some of its ARS investors' losses, but ignored Wachovia Trust's clients, plaintiffs...
To view the full article, register now.