Wells Fargo, Others Sink Oil Tycoon's RICO Claims

Law360, Los Angeles (October 17, 2013, 4:02 PM EDT) -- A New Jersey federal judge on Wednesday gutted a racketeering suit launched by oil tycoon Jack Grynberg and his Pricaspian Development Corp. accusing Wells Fargo Bank NA, Sovereign Bank NA and others of concealing assets owed from a judgment in a separate suit.

U.S. District Judge Dennis M. Cavanaugh dismissed the bulk of the 13-count complaint that Grynberg, Pricaspian and Grynberg Petroleum Co. launched in January accusing several defendants from a previous Colorado action of hiding their assets with Wells Fargo and Sovereign to avoid paying...
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