Wells Fargo Wrongly Redeemed $837M In Securities: Suit

Law360, New York (December 21, 2011, 8:56 PM EST) -- A putative class action lodged in California federal court on Tuesday claims Wells Fargo & Co. improperly claimed that banking reforms forced them to redeem $837.5 million in securities a year before a contracted redemption date, cheating investors out of millions in interest payments.

The banking giant's claim that last year's passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act allowed them to redeem the securities on Oct. 3, well before their contracted redemption date of Dec. 15, 2012, doesn't square with the actual...
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