Antitrust & Trade Reg.
Dec. 22, 2022
Judge tosses claims by fired Wells Fargo executive
In his order granting Wells Fargo’s motion for summary judgment, Superior Court Judge Jeffrey S. Ross wrote that Wells Fargo had “independent, legitimate reasons to terminate” Simon Fowles, who the bank said was involved in imposing a higher, artificial exchange rate on Wells Fargo client Burger King’s attempt to purchase Canadian dollars during a meeting in August 2014.
A San Francisco judge dismissed all claims against Wells Fargo Bank by its former head of foreign exchange trading, who said the company wrongfully terminated him for being a whistleblower about employee compensation programs that he said inspired unethical trading and misconduct.
The bank alleged that the plaintiff himself was involved in misconduct that occurred in a multibillion-dollar transaction.
In his orde...
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