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Wells Fargo Urges Court to Toss ‘Opportunistic’ Investor Lawsuit

Oct. 13, 2021, 8:36 PM

Wells Fargo & Co. investors who say it misled them about commercial loans are engaged in an “opportunistic” bid to use the coronavirus pandemic to win a securities lawsuit, the financial services firm told a federal judge in California.

Investors accuse Wells Fargo of not telling them that it failed to follow due diligence guidelines and appropriate underwriting standards when issuing commercial loans to some customers with poor credit. The would-be class “seeks to turn the unfortunate events of the global COVID-19 pandemic into a litigation windfall,” the company told the U.S. District Court for the Northern District of California ...

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