Search for: "Wells Fargo & Co"
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13 Jun, 2008 9:23 pm
... LLC Announces Auction Rate Securities Class Action Lawsuit Filed Against Wells Fargo &
Co. (NYSE: WFC). St. Louis, MO - The law firm of Carey & ... been unable to liquidate their auction rate
securities. The lawsuit alleges that Wells Fargo failed to disclose the following material facts
about the auction rate securities it sold to the class: ... securities market would result. Investors who purchased or acquired auction rate securities from Wells Fargo between June 11, 2003, and Feb. 13, 2008, and ...
20 Nov 7:29 am
... cost is now up to about $61 billion. Recently, the California Attorney General announced that Wells Fargo & Co. has agreed to buy back approximately $700 million in auction-rate securities from investors in
California. The deep freeze for Wells' California ARS investors is over. In addition to making investors whole, the bank's settlement ... ,
Wells Fargo Investments CEO noted: "We have been working with ARS issuers since the auction rate
market froze, and while there has been progress, ...
3 Mar, 2008 6:00 am
... unfair business practice. The Puenteses unsuccessfully moved for reconsideration, and judgment was entered for Wells Fargo on November 8, 2006. On the same date, the class was decertified pursuant to stipulation. ... .App.4th 1255, 1267.) In Smith v. State Farm Mutual
Automobile Ins. Co. (2001) 93 Cal.App.4th 700, 720, footnote 23, the court ... using the uniform month. The Puenteses' reliance on Motors, Inc.
v. Times Mirror Co. (1980) 102 Cal.App.3d 735, for the proposition that a practice is unfair if ...
1 Nov, 2008 11:07 am
... a case." 263 S.W.3d at 471 (citing Nauslar v. Coors Brewing Co., 170 S.W.3d at 248). "Standing, as a component of subject matter
jurisdiction, cannot be ... sued everyone associated with the project asserting individual claims for fraud and breach of fiduciary duty. Wells
Fargo filed a plea to the jurisdiction, claiming lack of standing. The trial court sustained the plea, ... . 263 S.W.3d at 472, reaffirming the
holding in Nauslar v. Coors Brewing Co., 170 S.W.3d 242, 251 (Tex. App.-Dallas 2005, no pet ...
5 Mar 12:06 pm
... of investment banks, credit rating agencies, and underwriters, including Wells Fargo, WFASC,
Morgan Stanley & Co., Credit Suisse Securities (USA) LLC, Barclays Capital Inc., Bear Stearns & Co., Countrywide Securities Corp., Deutsche Bank Securities Inc., JPMorgan Chase Inc., Bank ... per the companies, had supposedly used to approve mortgages.
The lawsuit also claims that because Wells Fargo decided to enter the subprime mortgage mortgage
market in 2005, the investment bank had to ...
28 Apr 11:04 am
... subsidiaries told buyers that $1.5 billion of risky auction-rate securities were safe. Wells says it tried to help customers when the
market collapsed. By Martin Zimmerman April 24, 2009 The state of California accused Wells Fargo
& Co. of fraud Thursday for the company's role in an investment meltdown that has been ... the money and instead was forced to lay off
workers. San Francisco-based Wells Fargo disputed the state's allegations, saying it had taken steps
to help customers hit ...
3 Aug 7:07 am
... Latino homeowners by employing racially biased lending practices.(1) San Francisco-based Wells Fargo & Co. allegedly sold high-cost subprime mortgage loans to minorities while white borrowers with similar
incomes received lower-cost loans, according to the ... by Illinois Attorney General Lisa Madigan. "As a result of its discriminatory and illegal mortgage-lending practices,
Wells Fargo transformed our cities' predominantly African-American and Latino neighborhoods into
ground zero ...
17 Aug 6:48 am
Wells Fargo & Co. will increase salaries for its CEO
and three other top executives, the Associated Press reported Aug. 6. The salary increases are not in salary, ... under last fall's Troubled Assets Relief Plan. The pay increases mean
Wells Fargo CEO John Stumpf now will receive $4.7 million in stock along ... a rival, Wachovia, which
it said was responsible for its inability to pay the money back in June. Wells Fargo and Wachovia are
also among the worst of the mortgage lenders recently accused of ...
18 Nov 4:50 pm
Wells Fargo & Co. will refund $1.4 billion in
non-liquid auction rate securities to investors, charities and small businesses nationwide, including about $700 million to California investors. The agreement, which was reached Nov.
18 with the California Attorney General's Office, puts to rest a California fraud lawsuit that alleged Wells Fargo misrepresented auction rate securities to thousands of investors as safe-as-cash investments. As part of the settlement agreement, the bank also ...
18 Nov 1:45 pm
... series of settlements with state securities regulators, an industry association said on Wednesday. The company, a unit of San Francisco-based Wells Fargo & Co, has agreed to offer to buy back auction-rate
securities by mid-February 2010, the North American Securities Administrators Association said in a statement. Wells Fargo will also reimburse clients who sold securities at a discount after the market froze and pay $1.9 million in penalties to ...
9 Nov, 2006 8:16 am
... regarding eligibility for and calculations regarding overtime pay. The case is Gerlach v. Wells Fargo & Co. USDC, NDCA, Case no. 05-cv-00585-CW. It was interesting to follow, among other reasons, because
Wells Fargo filed a counterclaim against the class representative for conversion and other claims,
... Edward Infante. As usual, the company paid the money while simultaneously denying any liability. "Wells Fargo maintains that it has compensated all of its team members fully and fairly, ...
24 Apr 10:39 am
... New York, No. 09-11435. From Reuters: In court documents filed on Wednesday, Wells Fargo,
objected to Charter's pre-packaged bankruptcy reorganization plan, saying ... risky and could potentially fall apart. Charter, which is controlled by Microsoft co-founder Paul Allen, filed for bankruptcy protection last month, buckling under ... after the company exits from court protection. If the company is unable
to reinstate its debt, Wells Fargo said Charter's interest payments will increase by more than $500
...
9 Jun 2:13 pm
... state and federal regulators. According to a Wall Street Journal report, the Wells Fargo
settlement involves its Boston-based mutual fund Evergreen Investment Management Co, while the Bank of America settlement resolves charges
regarding the sale of ... . At the time the allegations covered by the settlement occurred, Evergreen was a unit of Wachovia Group, which was acquired by Wells Fargo last year. The SEC alleged that Evergreen inflated the value of mortgage-related securities in its
Evergreen ...
24 Jul, 2007 4:05 am
Wells Fargo & Co. ended offerings of 2/28 subprime
mortgage loans, in a decision the company directly attributed, in part, to market pressure. In an article written by Reuters reporter Al Yoon, Wells Fargo Pulls Popular Subprime Loan From Mix, Wells says the $583
billion market for such loans relies on opinions of rating [...]
18 Mar, 2008 12:32 pm
... affecting auction-rate securities. Founding members are: • Wells Fargo Brokerage Services LLC. •
Crews & Associates Inc. • Vining-Sparks IBG • Cronin& Co. Inc. • Tejas Securities • Duncan-Williams Inc. • Stone Youngberg LLC • Fifth
Third Securities • ... Michael Decker, both formerly with Securities Industry and Financial Markets Association (SIFMA), will serve as co-chief
executives. Decker was the former senior managing director for Research and Public Policy at ...
9 Dec, 2008 6:00 pm
Robert Willens (Robert Willens LLC, New York; Adjunct Professor, Columbia) has published Wells Fargo
and PNC: Tax Refunds in the Offing?, 121 Tax Notes 1193 (Dec. 8, 2008): Wells Fargo &
Co. (WFC) and PNC Financial Services Group Inc. will...
29 Jan, 2008 6:00 am
In Wells Fargo Bank v. Superior Court, ___ Cal.App.4th ___ (Jan. 25, 2008), the Court of Appeal
(First Appellate District, Division One) held that "the Securities Litigation Uniform Standards Act of 1998 (Pub.L. No ... . Lexis 63897, at pp. *4-5 (Kutten).) The court focuses on the
substance of the claim, not the plaintiffs' characterization of it. (Miller v. Nationwide Life Ins. Co. (5th Cir. 2004) 391 F.3d 698, 702
[whether SLUSA applies "hinges on the context of the allegations-not on the ...
22 Sep, 2008 1:11 pm
Reuters - New York (Reuters) - Wells Fargo and Co., the
fifth largest U.S. bank, said on Monday it expects a charge to write down the third quarter of $ 480 million in investments related to preferred stock of Fannie Mae and Freddie Mac. In
the news - in demand: Las Vegas Luxury Condos
6 Oct, 2008 11:46 am
[JURIST] Citigroup Inc., Wachovia Corp. and Wells Fargo & Co. [corporate websites] announced Monday that they had reached an agreement [Citigroup press release] to freeze litigation activity until at least noon
Wednesday. The agreement follows a weekend of legal maneuvering, when a New York State appellate judge reversed a court order extending an exclusivity agreement that bars Wachovia from
29 Sep 8:11 am
Investors who suffered huge financial losses from Medical Capital Holdings are now taking legal action against Wells Fargo & Co. and The Bank of New York Mellon Corp., charging that the two banks, which served as trustees for
five of Medical Capital's special-purpose corporations, failed to protect MedCap investors. All five of special-purpose corporations are now in default ...
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