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IN RE Medical Capital Securities Litigation

  1. April 30, 2013

    Wells Fargo To Pay $105M Over MedCap Ponzi Scheme

    In the latest settlement arising out of an alleged $1 billion Ponzi scheme, Wells Fargo Bank NA agreed Tuesday to pay $105 million to investors who alleged it breached its duties as a trustee by handing out their funds to Medical Capital Holdings Inc.

  2. April 03, 2013

    Wells Fargo Can't Skirt MedCap Ponzi Class Action

    Wells Fargo NA failed Tuesday to persuade a California federal court to toss a consolidated class action claiming it breached its contract with noteholders by handing out their funds to Medical Capital Holdings Inc. in MedCap's $1 billion Ponzi scheme.

  3. March 11, 2013

    Wells Fargo Fires Back At MedCap Ponzi Class Action

    Wells Fargo NA asked a California federal judge on Monday to throw out a consolidated class action alleging it breached its contract with noteholders by disbursing their funds to Medical Capital Holdings Inc. in MedCap's $1 billion Ponzi scheme, arguing it wasn't contractually required to notify investors of irregularities until the accounts defaulted.

  4. February 22, 2013

    BNY Mellon To Pay MedCap Investors $114M Over Ponzi Plot

    Bank of New York Mellon Corp. has agreed to pay $114 million to resolve investor claims in a consolidated class action over its role in Medical Capital Holdings Inc.'s massive Ponzi scheme, according to settlement documents filed Thursday in California federal court.

  5. February 19, 2013

    Wells Fargo Breached Trustee Duties, MedCap Investors Say

    Several classes of Medical Capital Holdings Inc. investors on Monday slammed Wells Fargo NA's attempt to toss their suits over its role in a massive Ponzi scheme, saying the bank's claims that it didn't cause substantial harm to investors by allegedly diverting funds and breaching its trustee duties "defy the facts, law and logic."

  6. January 23, 2013

    Wells Fargo Can Be Sued Despite $49M Ponzi Scheme Deal

    A California federal judge said Tuesday that investors who lost money in a massive Ponzi scheme at Medical Capital Holdings Inc. can sue Wells Fargo NA for breaching its duties as a trustee, ruling that a receiver's proposed $49 million settlement with the bank might not protect their interests.

  7. September 19, 2012

    Judge Worried MedCap Investor Payouts Could Shaft Creditors

    A California federal judge on Wednesday raised concerns that a proposal by Medical Capital Holdings Inc.'s receiver to distribute money collected from litigation over the company's alleged $1.7 billion Ponzi scheme solely to investors would unfairly deprive creditors of recovery for their losses.

  8. January 23, 2012

    Broker-Dealers Elude BNY Mellon, Wells Fargo In MedCap MDL

    Bank of New York Mellon Corp. and Wells Fargo Bank NA can't hold broker-dealers liable in a class action alleging the banks failed to prevent Medical Capital Holdings Inc. from embezzling investors' money, a judge tentatively ruled Monday, saying California law bars their equitable indemnity claims.

  9. June 23, 2011

    Wells Fargo, BNY Say MedCap Investor Class Not Eligible

    Bank of New York Mellon Corp. and Wells Fargo Bank NA urged a California federal judge Thursday not to grant class status to investors suing the banks for allegedly failing as trustees to prevent Medical Capital Holdings Inc. from misappropriating millions of dollars.

  10. February 11, 2011

    BNY, Wells Fargo Cut Securities Fraud Action Claims

    The Bank of New York Mellon and Wells Fargo Bank NA have trimmed claims from a putative class action brought by shareholders over alleged securities fraud perpetrated by several medical financing companies.

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