Wells Fargo, Others Rout Investor Class in Ponzi Scheme Suit (2)

Wells Fargo Bank NA and investment advisers won’t have to face class claims by investors in an alleged $155 million Ponzi scheme seeking to hold them liable.

Judge Alan D. Albright Thursday adopted a magistrate judge’s recommendation to deny class certification to about 700 investors in the alleged scheme involving two companies, Clean Energy Technology Association Inc. and Freedom Impact Consulting LLC. Purported victims got different pitches and relied on misrepresentations to varying degrees, Magistrate Judge Derek T. Gilliland said in his report last month, and the US District Court for the Western District of Texas “will likely have to ...