Wells Fargo, BNY Say MedCap Investor Class Not Eligible

Law360, Los Angeles (June 23, 2011, 9:11 PM EDT) -- Bank of New York Mellon Corp. and Wells Fargo Bank NA urged a California federal judge Thursday not to grant class status to investors suing the banks for allegedly failing as trustees to prevent Medical Capital Holdings Inc. from misappropriating millions of dollars.

The banks told U.S. District Judge David O. Carter that the investors who purchased promissory notes from Medical Capital and its subsidiaries, and are allegedly owed $1 billion in outstanding interest and primary payments, should file separate suits against the banks for their...
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