Calif. AG Sues Wells Fargo Over $1.5B In ARS

Law360, New York (April 23, 2009, 12:00 AM EDT) -- Three Wells Fargo & Co. affiliates have been hit with a $1.5 billion lawsuit by California Attorney General Edmund Brown on behalf of investors who bought auction rate securities based on allegedly false and deceptive advice from the firms.

The state's chief law enforcer filed a complaint Thursday in the San Francisco Superior Court against Wells Fargo Investments LLC, Wells Fargo Brokerage Services LLC and Wells Fargo Institutional Securities LLC seeking to restore the cash value of the ARS purchased by California investors, an order of...
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