July 13, 2026
Wells Fargo will pay $50 million to settle a proposed class action alleging it knowingly helped a Las Vegas attorney run a multimillion-dollar Ponzi scheme deceiving investor victims into fronting money for borrowers awaiting personal injury settlement payouts, according to a preliminary approval order issued in Nevada federal court.
April 28, 2023
Wells Fargo can't subpoena documents from 11 former plaintiffs in a proposed class action that accuses the bank of knowingly helping an attorney run a Ponzi scheme, a Nevada federal judge ruled, reasoning that discovery generally isn't allowed from absent class members.
March 21, 2023
A Nevada federal judge found alleged Ponzi scheme victims who were told their investments would be secured in a Wells Fargo attorney trust account failed to state a claim for negligence against the bank, but denied its attempts to toss other allegations in the proposed class action.