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13 Oct, 2008 12:43 am
News release: "The Federal Reserve Board on Sunday announced its approval of the application and notice under sections 3 and...
19 Nov 12:52 pm
SAN FRANCISCO - Wells Fargo has agreed to settle a lawsuit with consumers for $1.4 billion, according
to the San Francisco Chronicle. The lawsuit alleged that the company improperly marketed risky investments as safe. The Attorney General of
California, Jerry Brown, had sued the San Francisco company last year as regulatory investigators began their investigation into the bank's
sale of its auction-rate securities (ARS). The San ...
3 Mar, 2008 6:00 am
... motion as to the plaintiffs' UCL claim. The claim challenged the way the defendant mortgage company, Wells Fargo, calculated interest on plaintiffs' home loans. Slip op. at 2-3. ... untrue or misleading advertising."
(§ 17200.) The UCL "governs 'anti-competitive business practices' as well as injuries to consumers, and has as a major purpose 'the preservation of fair business competition.'
... .Supp.2d 1099, 1117, fn. 12, italics added; Smith v. Wells Fargo Bank, N.A., supra, 135
Cal.App.4th 1463, 1483 ...
15 Nov, 2008 8:06 pm
... that is attributable to periods before the change date. Section 382 of the Internal Revenue Code limits the use by an acquiring company of
certain net operating losses (NOLs) and built-in losses of the acquired company. The reason for the ... base their corporate taxes on federal
rules, therefore, the new ruling will have the effect of reducing state government revenues. Wells Fargo will be the single biggest beneficiary because of it's recent purchase of Wachovia Bank. It is estimated that Wells ...
17 Oct, 2008 5:12 pm
... class action on behalf of the public stockholders of Wachovia Corporation ("Wachovia" or the "Company") in connection with a proposed
acquisition of Wachovia by Wells Fargo & Company
("Wells Fargo") in breach of defendants' fiduciary duties (the "Merger"). Plaintiff alleges that he
and the other public stockholders of the Company's common stock are entitled to enjoin the Merger, or alternatively, to recover damages in the
event the Merger is consummated. Plaintiff ...
28 Apr 11:04 am
... 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 compared to the
Bernard Madoff scandal in ... who operates the AuctionRatePreferreds.org website. "It dwarfs all frauds in history, including Madoff." Several financial-service companies that
issued auction-rate debt have agreed to repurchase billions of dollars of the devalued securities to settle claims by ...
18 Apr, 2008 9:01 pm
... enterprise governance and legacy planning. Families with $50 million or more in assets are the fastest growing wealth segment today. Wells
Fargo has developed capabilities for managing the current and future impacts of wealth on all aspects of family life, in ... around the United
States from offices in San Francisco, Los Angeles and Minneapolis, with additional offices planned. About Wells Fargo Wells Fargo & Company
(NYSE:WFC) is a diversified financial services company with $575 billion in ...
14 Oct, 2008 9:00 am
... (c) is like a law excusing me from enforcement or liability arising from the agreement you have with your phone company. I was never
obligated to follow that agreement in the first place. So, now what? Here is where I suspect the plain meaning rule will fail, ... the section is clear: any agreement in which a
potential acquiring company has agreed not to acquire an FDIC-institution is unenforceable. That's not the situation in the Citigroup versus
Wells Fargo case (since Wells Fargo was not party to ...
1 Nov, 2008 11:07 am
Derivative Suit Standing: Asshaser v. Wells Fargo Foothill, 263 S.W.3d 468 (Tex. App.-Dallas 2008, no
pet.). The Dallas Court of ... left with worthless stock. Similarly, the plaintiffs in Asshauser v. Wells Fargo Foothill, placed their money into the companies in exchange for limited partnership units for the purpose of developing a ... . However, both
courts held, in essence, that once the money or property goes into the company, the duties regarding the management and use of those assets
also go into ...
14 Apr, 2008 5:16 am
... Fargo Home Mortgage, Inc., ___ Cal.App.4th ___, 72 Cal.Rptr.3d 903, 906 (Cal.App. 2008). The class action complaint ... National Mortgage
Association (Fannie Mae) and the Federal Home Loan Mortgage Company (Freddie Mac). Puentes, at 906. In addition to the disclosures in the
promissory note, the Truth in Lending ... benefit either the bank or its customers, the court held that "Wells Fargo's practice was not immoral, unethical, oppressive or unscrupulous, as the company realized no net monetary
benefit ...
3 Nov, 2008 8:54 pm
... The Court described the Business Judgment Rule as a "high hurdle," and one which Plaintiff "may well be unable to overcome . . . particularly where (1) Wachovia's board
asserts that quick action on the Merger ... and approve the Merger Agreement; (4) Wachovia's board took very little time to digest and act upon the Merger Agreement; (5) The Share
Exchange gives Well Fargo almost 40% of the vote in advance of a decision by the Company's
shareholders as to approval of the Merger Agreement; (6) The " ...
15 Apr 1:15 pm
... and restructuring and help displaced team members find new opportunities in the combined company. However, in these economic times our
turnover rate is unusually low meaning fewer ... percentage of the Law Department, each and every team member is important to our company and
we are providing them transition support and helping them find ... law firms we've covered. Wells Fargo is of course one of the banks that is doing relatively well despite the downturn. The company just
posted record Q1 earnings ...
6 Oct, 2008 12:20 pm
... regulators breathing down their necks in quite the way that companies like Bear Stearns and Wachovia have in recent months. Enforcement of Air-Tight Exclusivity Agreements
The situation involving Wells Fargos effort to deal jump Citi ( ... whether it would instead read
a fiduciary out into it. It seems to me that in order to answer that question, a court may well have to decide the extent to which the authority of a federal regulator influences
what a boards fiduciary duties require of it. That ...
6 Oct, 2008 2:16 pm
... does not burden the taxpayer or the government. That is a bit disingenuous, however. Part of the reason why Wells Fargo is now willing to acquire Wachovia is because the IRS announced last week that it will allow ... . You tell me - isn't there a government and/or
taxpayer cost to Wells Fargo paying a whole lot less in taxes than it normally would due ... spent
when you get into a car accident and ask your insurance company to pay your claim. FDIC stands for "Federal Deposit INSURANCE Corporation." 4.
...
13 Jul 1:56 pm
... District Court order certifying a class of Wells Fargo "home mortgage consultants" for the
purpose of determining whether they had been internally misclassified as exempt from overtime. As usual, the Company had an internal policy of
designating ... 3). The District Court had gone much further, however, by employing the logic that "it is manifestly disingenuous for a company
to treat a class of employees as a homogeneous group for the purposes of internal policies and compensation, and then assert ...
10 Jun 2:51 pm
... a set number of subprime loans per month. 11. Wells Fargo, like any other mortgage
company, had written underwriting guidelines and pricing rules ... not true--the pre-payment penalty could not be waived. 14. According to
company policy, we were not supposed to solicit 2/28 customers for re- ... period, even though this violated our agreement with secondary
market investors. The result was that Wells Fargo was able to cash in on the pre-payment penalty by
convincing the subprime customer to refinance . ...
5 Dec, 2008 7:58 pm
... that Wachovia was on the brink of failure because of an unprecedented financial tsunami, (2) understood the very real and immediate threat of a forced liquidation of the
Company by government regulators in the absence of a completed merger transaction with someone, and (3) possessed little (if any) leverage in
its negotiations with Wells Fargo because of the absence of any superior merger proposals. Against
that backdrop, the ...
19 Dec, 2008 9:19 pm
... California Court of Appeal has remanded a lawsuit filed by an elderly woman accusing Wells Fargo
of defrauding her and her husband. The case now goes back ... could then be determined unenforceable. Sometime between 2003 and 2004, Wells
Fargo assigned company vice president and trust administrator Lisa Jill Tepper ... inappropriate due
to their advanced age. Through Tepper, the couple began working with Wells Fargo stockbroker Jack
Harold Keleshian, who is now also a defendant in the case. With Tepper ...
18 Nov 4:50 pm
... Brown, Jr. sued three Wells Fargo investment subsidiaries, accusing them of securities fraud by
convincing investors to purchase auction-rate securities with false promises of healthy returns and liquidity. The company also was charged
with failing ... firms that entered into settlement agreements with regulators to buy back auction rate securities from investors. To date, companies have agreed to repurchase
approximately $61 billion of the risky investments. Tell us about your situation regarding ...
13 May, 2008 8:10 am
... Mass.). The matter arose out of a debtor's Chapter 13 petition listing a secured subprime mortgage note purportedly held by Ameriquest Mortgage Company. Throughout the course of the litigation, Ameriquest and its attorneys repeatedly referred to Ameriquest as the "holder" of the securitized note. In
reality, however, the true "holder" of the note was Wells Fargo, the trustee for a trust which held
an entire pool of ...
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