Judge Allows Suit Against Wells Fargo's Board To Press On

Law360, New York (May 5, 2017, 2:47 PM EDT) -- A federal judge in California on Thursday allowed a shareholder derivative suit against Wells Fargo & Co. and current and former members of its board of directors to move forward, saying that the plaintiffs had sufficiently alleged that the board ignored evidence of unauthorized account generation.

U.S. District Judge Jon S. Tigar said in a 37-page opinion that the shareholder plaintiffs had brought enough evidence that the board either was negligent in not being aware of reports of fake account generation by thousands of Wells Fargo employees, or ignored those reports for the complaint to survive the motion to dismiss filed...

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