Law360, New York (July 02, 2012, 4:01 PM ET) -- Wells Fargo & Co. won a bid Monday to dismiss a putative class action in California federal court alleging the bank prematurely redeemed $837.5 million in securities, a move investors called a contract breach designed to avoid $80 million in interest payments.
U.S. District Judge Claudia Wilken granted Wells Fargo’s Feb. 24 motion to throw out claims over its redemption of trust preferred securities. The bank issued the securities in 2007 to increase its Tier 1 capital amount, the core measure used by banking regulators to...
Wells Fargo Dodges $80M Suit Over Securities Redemption
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