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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!