6 Firms Vie To Lead Suit Over Wells Fargo House Report

By Rachel O'Brien (August 17, 2020, 7:06 PM EDT) -- Six law firms each asked a California federal judge Friday to name them lead counsel in a proposed class action stemming from two Wells Fargo stock drops in March after a U.S. House of Representatives Financial Services Committee report castigated the bank over its numerous oversight failures.

The July securities suit followed the stock price falling twice in March, once after the House committee's March 4 report, which said Wells Fargo "continues to struggle to implement effective risk management and remediation programs."

The other came the day after claims that recently resigned Wells Fargo CEO Timothy J. Sloan misled House lawmakers...

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