Judge May Pare Fraud Suit Against Wells Fargo, BNY Mellon

Law360, Los Angeles (November 14, 2011, 11:33 PM EST) -- A California federal judge on Monday indicated he would nix fraud-related claims against The Bank of New York Mellon Corp. and Wells Fargo Bank NA, which are accused of being complicit while Medical Capital Holdings Inc. misappropriated millions in investors' funds.

U.S. District Judge David O. Carter said in a tentative ruling that he planned to dismiss investors' negligence claims as well as claims that the banks violated Section 10(b) of the Exchange Act and breached their fiduciary duty and covenant of good faith and fair...
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