Wells Fargo Asks 2nd Circ. To Junk Proprietary Trading Suit

Law360, Chicago (July 26, 2013, 6:57 PM EDT) -- Wells Fargo & Co.’s investment banking unit on Thursday urged the Second Circuit to uphold the dismissal of a suit alleging it breached a partnership agreement with broker-dealer Williams Trading LLC by engaging in proprietary trading, arguing the two never had a fiduciary relationship.

In a brief filed with the appeals court, Wells Fargo Securities LLC said U.S. District Judge Katherine B. Forrest had gotten it right when she tossed the broker-dealer’s lawsuit in April. The suit alleges Wells Fargo violated a pact under which the...
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