Wells Fargo Off Hook For Ariz. Town's Bond Losses

Law360, New York (November 18, 2011, 6:11 PM EST) -- A federal judge ruled Friday that Wells Fargo Bank NA does not owe a contribution to an Arizona town in a class action over losses suffered on $35 million in bonds, but he refused to nix a common-law indemnification counterclaim.

U.S. District Judge G. Murray Snow's ruling was on Wells Fargo's motion to dismiss — on grounds of failure to state a claim — counterclaims by the town of Prescott Valley, Ariz., and several underwriters seeking to hold Wells Fargo liable for its role as indenture...
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