Wells Fargo Didn't Breach Partnership Deal, 2nd Circ. Says

Law360, Los Angeles (January 28, 2014, 9:00 PM EST) -- A Second Circuit panel on Monday rejected broker-dealer Williams Trading LLC’s attempts to revive its suit against Wells Fargo Securities LLC that claimed the company unit breached a partnership agreement by engaging in proprietary trading, ruling Wells Fargo had complete control of the partnership’s funds.

In a nonprecedential, summary order, the panel found that the agreement, which Williams described as a joint venture, did not qualify as a joint venture in part because Williams did not share in Wells Fargo’s risk of loss. The decision affirms...
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