February 28, 2018 / 10:57 PM / in 3 months

Wells must face securities lawsuit over accounts scandal - judge

The bulk of a shareholder lawsuit against Wells Fargo and several of its former and current executives over its unauthorized accounts scandal can move forward, a federal judge in San Francisco ruled on Tuesday.

U.S. District Judge Jon Tigar said shareholders had plausibly alleged that Wells Fargo misled them by touting the success of the bank’s sales strategy without disclosing that sales employees were engaged in pervasive misconduct.

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