Wells Fargo Beats Contract Suit Over Proprietary Trades

Law360, Los Angeles (April 19, 2013, 9:20 PM EDT) -- A New York federal judge on Friday tossed hedge fund servicing firm Williams Trading LLC's lawsuit alleging Wells Fargo Securities LLC breached their partnership agreement by engaging in proprietary trading, saying the contract didn’t give Williams Trading the authority to dictate Wells Fargo's options.

The decision ends allegations that Wells Fargo violated a 2010 contract with Williams Trading for payment of referral fees for hirings and client recommendations. Williams Trading alleged that the agreement created a joint venture between the companies and that Wells Fargo wrongly...
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