Wells Fargo Moves To Toss Suit Over $7B ARS Settlement

Law360, Wilmington (July 1, 2011, 4:59 PM EDT) -- Wells Fargo Securities LLC asked a Delaware federal court on Friday to toss an investor suit over a $7 billion settlement deal related to the auction rate securities market's collapse, saying federal law precluded the claims from being brought as a class action.

Wachovia Securities LLC, which merged with Wells Fargo in the wake of the 2008 financial crisis, settled a suit brought by the U.S. Securities and Exchange Commission and agreed to pay some of its ARS investors' losses, but ignored Wachovia Trust's clients, plaintiffs...
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Case Information

Case Title

Wilson et al v. Wells Fargo Advisors LLC et al


Case Number

1:11-cv-00511

Court

Delaware

Nature of Suit

Securities/Commodities

Judge

Sue L. Robinson

Date Filed

June 10, 2011

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