Wells Fargo Derivative Suit A Cautionary Tale For Directors

Law360, New York (December 11, 2017, 10:46 AM EST) -- On Oct. 4, 2017, in In re Wells Fargo & Co. Shareholder Derivative Litigation, which concerns alleged sales practices at Wells Fargo that have received wide attention, Judge Jon S. Tigar of the Northern District of California substantially denied the defendant officers' and directors' motions to dismiss the complaint.[1] Judge Tigar had previously granted in part and denied in part nominal defendant Wells Fargo's motion to dismiss the complaint.[2] Notably, the court's Oct. 4 order took a somewhat broad read of the complaint's allegations concerning the directors' knowledge of the alleged sales practices that support the plaintiffs' Section 10(b) and Rule 10b-5...

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