Wells Fargo Investors Defend Fake-Account Fraud Suit

Law360, New York (August 22, 2017, 2:17 PM EDT) -- Wells Fargo & Co. investors alleging the bank's response to its cross-selling scandal amounted to securities fraud asked a California federal court Monday to keep their suit alive, saying investors took the bank's statements about compliance seriously and suffered when the market reacted to the scandal.

The putative class of shareholders allege Wells Fargo and its executives spent years hyping the revenues driven by its focus on persuading existing banking customers to sign up for new products like credit cards, mortgages and retirement accounts, all while knowing that a "significant" number of the sign-ups were fraudulent. The bank sought the case's...

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