November 5, 2018 / 10:13 PM / 14 days ago

Wells Fargo fights securities fraud lawsuit over auto insurance

Wells Fargo on Friday asked a federal judge in San Francisco to dismiss a securities fraud lawsuit accusing it of not promptly telling investors that the bank had charged several hundred thousand borrowers for auto insurance they did not need.

In a motion on Friday, Wells Fargo said it informed regulators as soon as it learned of the insurance problems and it had no duty to disclose the matter to investors before it completed an investigation into the issue.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2QmXovc

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