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Judge Pares Securities Suit Against Wells Fargo

Law360 (October 6, 2010, 7:51 PM EDT) -- A federal judge has tossed a liability claim against Wells Fargo Bank NA in a putative class action brought by several public retirement funds accusing the bank and other companies of negligence in connection with the sale of more than $36 billion in mortgage-backed certificates.

Judge Lucy H. Koh, in an order issued Tuesday in the U.S. District Court for the Northern District of California, dismissed allegations of untruths and omissions in the bank's prospectuses with the security offerings, but denied Wells Fargo's attempt to quash...
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