Wells Fargo, Wachovia Beat Claims They Aided $168M Ponzi

Law360, New York (April 5, 2013, 4:48 PM EDT) -- Wells Fargo Bank NA and Wachovia Bank NA on Friday beat most of the claims filed against them in Florida federal court by the receiver of imprisoned hedge fund manager Arthur Nadel’s estate, who alleged the banks knew about and helped facilitate Nadel’s $168 million Ponzi scheme.

U.S. District Judge James D. Whittemore tossed all the aiding and abetting claims against Wells Fargo, Wachovia and others with prejudice, ruling that receiver Burton Wiand had not shown enough proof that Wachovia actually knew about Nadel’s scheme. The...
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Case Title

Wiand et al v. Wells Fargo Bank, N.A. et al


Case Number

8:12-cv-00557

Court

Florida Middle

Nature of Suit

Securities/Commodities

Judge

James D. Whittemore

Date Filed

March 14, 2012

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