Wells Fargo Dodges $80M Suit Over Securities Redemption

Law360, New York (July 2, 2012, 4:01 PM EDT) -- Wells Fargo & Co. won a bid Monday to dismiss a putative class action in California federal court alleging the bank prematurely redeemed $837.5 million in securities, a move investors called a contract breach designed to avoid $80 million in interest payments.

U.S. District Judge Claudia Wilken granted Wells Fargo’s Feb. 24 motion to throw out claims over its redemption of trust preferred securities. The bank issued the securities in 2007 to increase its Tier 1 capital amount, the core measure used by banking regulators to...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Turkle Trust v. Wells Fargo & Company


Case Number

4:11-cv-06494

Court

California Northern

Nature of Suit

Contract: Other

Judge

Claudia Wilken

Date Filed

December 20, 2011

Law Firms

Companies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.