$7B Wells Fargo ARS Suit Is Fatally Flawed, Judge Says

Law360, New York (October 23, 2012, 6:49 PM EDT) -- A federal magistrate judge in Delaware on Monday said an investor suit against Wells Fargo Securities LLC over a $7 billion settlement deal related to the auction rate securities market's collapse should be dismissed and could not be altered to survive under federal law.

Magistrate Judge Sherry R. Fallon ruled that the plaintiffs in the case, Diane and Harry Wilson, dressed up a purported class action over misrepresentations and omissions of material facts with claims of breach of fiduciary duty in a bid to get around...
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