Wells Fargo Beats $116M Premature Redemption Suit

Law360, New York (April 13, 2012, 3:35 PM EDT) -- A California federal judge on Thursday dismissed a $116 million putative class action alleging Wells Fargo & Co. had prematurely redeemed securities that had to be phased out under Dodd-Frank reforms, ruling Wells Fargo could cash them in whenever it wanted.

The securities at issue are known as trust-preferred securities, and since 1996, they've been used by banks to increase their Tier I regulatory capital, which the Federal Reserve uses to determine their strength and financial stability.

But the Dodd-Frank Wall Street Reform and Consumer Protection...
To view the full article, register now.




Case Information

Case Title

Call v. Wells Fargo & Company et al

Case Number



California Northern

Nature of Suit

Contract: Other


Claudia Wilken

Date Filed

October 25, 2011

Law Firms


Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.