Class Action Hopes Dashed In Wells Fargo Trust Suit

Law360, New York (January 29, 2008, 12:00 AM EST) -- A California appeals court has ruled that the Securities Litigation Uniform Standards Act prevents a group of trust fund holders from filing a class action against Wells Fargo for breach of duty.

The court on Friday granted a petition for a writ of mandate by Wells Fargo and directed the San Francisco Superior Court to vacate its order overruling the bank's legal challenge to the suit.

The plaintiffs, who are beneficiaries of personal trusts administered by Wells Fargo and are suing on behalf of similarly-situated trust...
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