Civil Litigation,
Banking
Feb. 8, 2022
Judge dismisses federal claims in suit against Wells Fargo
The lawsuit accused the bank’s directors of failing to address internal problems after it reached an agreement with the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau in 2018 to improve the board’s oversight as well as its risk management procedures.
A federal judge in San Francisco on Monday dismissed claims in a derivative lawsuit against Wells Fargo & Co. directors on the grounds that plaintiffs failed to prove their pre-litigation demands would be futile.
U.S. District Judge Maxine M. Chesney dismissed the federal claims with prejudice while referring state claims to state court. She cited a recent Delaware Supre...
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