Bid To Trim Investor Class In Wells Fargo Suit Fails
By Eric Hornbeck
Law360, New York (October 23, 2012, 1:29 PM ET) -- A Minnesota federal judge refused Monday to exclude institutional investors that lost no money from a class of about 100 investors that claim Wells Fargo Bank NA's risky strategies breached the terms of their securities lending contracts, saying it would be premature to narrow the class.
U.S. District Judge Donovan W. Frank ruled that he couldn't decide until expert discovery is completed whether to cut 26 investors from the class. Wells Fargo wants them excluded because they didn't actually suffer any lost profits.