Securities,
Corporate
Aug. 28, 2024
Wells Fargo wants shareholder class action dismissed
The bank, accused of bias in mortgage lending, said the shareholders had not shown its board of directors acted in bad faith.
Attorneys for Wells Fargo & Co. urged a federal judge on Tuesday to dismiss a putative class action accusing the bank of neglecting discriminatory mortgage lending practices, arguing that the shareholder plaintiffs were wrongly accusing the board of directors.
Sullivan & Cromwell LLP partner Christopher M. Viapiano told U.S. District Judge Trina L. Thompson in San Francisco that the plaintiffs did not sufficiently plead "demand futility," a legal doctrine that s...
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