Wells Fargo Ducks Suit Over Employee Trading Policy

Law360, New York (July 25, 2011, 4:08 PM EDT) -- A California federal judge Friday dismissed a putative class action accusing Wells Fargo & Co. of improperly blocking employees from trading securities using the services of other financial firms, agreeing with the bank that the case was preempted by federal securities laws.

U.S. District Judge Samuel Conti on Friday dismissed the case with prejudice, agreeing with Wells Fargo that the plaintiffs’ state law claims conflict with federal securities regulations that permit investment banks to curb the external trading activities of their employees in order to prevent...
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