Wells Fargo Owes Nothing to Lifetrade Investors Over Portfolio

Lifetrade Fund BV investors can’t revive their lawsuit against Wells Fargo Bank NA over its takeover of Lifetrade’s life settlement portfolio, the Second Circuit ruled Thursday.

The decision brings an end to long-running derivative and individual shareholder litigation stemming from Wells Fargo’s actions after Lifetrade defaulted on loans.

“At best, the Complaint can be read to allege that Wells Fargo acted in its own interests,” the US Court of Appeals for the Second Circuit said of a central claim in the case, for breach of contract.

The suit stems from Wells Fargo’s decision not to renew loans to Lifetrade in ...