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Wells Fargo Settles With Sims In $7M Muni Bond Suit

Law360 (March 24, 2011, 9:03 PM EDT) -- Herbert J. Sims & Co. Inc., an underwriter for a failed $7 million bond issue for Michigan charter school Crescent Academy, settled all claims Wednesday accusing it of failing to conduct proper due diligence in the bond's sale.

Judge Stephen J. Murphy III of the U.S. District Court for the Eastern District of Michigan dismissed with prejudice all claims against Sims brought by Wells Fargo Advantage National Tax Free Fund and other municipal bond mutual funds.

Terms of the settlement between Sims and the plaintiffs were not immediately available Thursday.

Sims was among several defendants that Wells Fargo accused of misrepresenting...

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Case Title

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Case Number

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Court

Michigan Eastern

Nature of Suit

Securities/Commodities

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Date Filed

December 15, 2008

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