Litigation
May 2, 2013
Wells Fargo settles class action for $105 million
The bank settles a suit with shareholders of a defunct medical financing company which turned out to be an elaborate Ponzi scheme.
Daily Journal Staff Writer
LOS ANGELES - Plaintiffs in a shareholder class action involving the largest Ponzi scheme in Orange County history reached a $105 million settlement Tuesday with Wells Fargo Bank NA over its role as trustee for a medical financing company.
While U.S. District Judge David O. Carter in Santa Ana must still approve the settlement, plaintiffs' attorneys said they expect it to be confirmed.
T...
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