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Wells Fargo wins in securities lending suit

BCBS of Minnesota and others claimed it misrepresented its securities lending program

Wells Fargo & Co. is off the hook in a suit brought by Blue Cross Blue Shield of Minnesota and other institutional investors claiming the bank misrepresented the safety of its securities lending program. Plaintiffs wanted Wells Fargo to pay $8.2 million to recover their losses.

But a federal judge rejected the claims yesterday.

“The verdict validates that Wells Fargo was focused at all times on serving our clients’ interests,” Wells Fargo said in a post-verdict statement. The bank had “to achieve the best results for all participants in the securities lending program during extremely difficult economic conditions.”

This case is only one of five against Wells Fargo over its marketing of its securities lending program.

Read more about this story in Bloomberg.

For more financial institution legal news on InsideCounsel, see:

California sues JPMorgan over debt collection practices

NY AG plans to sue Bank of America, Wells Fargo

Facts & Figures: Litigation financing is here to stay

JPMorgan, Credit Suisse settle mortgage bond charges for $417 million

 

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