Class Cert. Granted to Wells Fargo Trust Recipients

Law360, New York (April 1, 2009, 12:00 AM EDT) -- A federal judge has granted class certification to trust beneficiaries who allege Wells Fargo Bank NA is not authorized to administer the trusts it has amassed through a series of bank acquisitions.

On Monday, Judge T. John Ward of the U.S. District Court for the Eastern District of Texas approved class status for plaintiffs accusing the bank of illegally claiming trustee powers and charging management fees on more than 200 trusts in the state, according to the opinion.

The plaintiffs claim Wells Fargo is administering the...
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