Wells Fargo Hit With Securities Suit Over Fake Accounts

Law360, Los Angeles (September 26, 2016, 10:04 PM EDT) -- Wells Fargo is facing putative class action from shareholders filed Monday in California federal court that alleges the bank duped its investors and violated federal securities laws by misrepresenting its cross-selling activities that resulted in millions of unauthorized accounts opened up in customers' names.

The suit alleges that Wells Fargo violated the Securities Exchange Act of 1934 and Securities and Exchange Commission rules over making false statements and failing to disclose information by created artificially inflated stock trading prices by covering up the methods of cross-selling that included unauthorized account opening.

Attorneys from Robbins Geller Rudman & Dowd LLP say this...

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