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Securities,
Class Action,
Civil Litigation,
Business Law

Oct. 2, 2024

Attorneys suing executives accuse Wells Fargo of withholding discovery

The lawsuit accuses the executive board of causing significant financial losses through systemic mismanagement and disregard for government regulations, harming

An attorney representing shareholders suing 14 current and former Wells Fargo executives for allegedly causing a $200 billion market cap loss accused the bank of withholding documents to block a "Caremark" claim, a San Francisco judge heard Tuesday.

The lawsuit claims the executive board caused financial losses and $5 billion in fines by mismanaging the bank and ignoring government regulations, harming shareholders.

The 2021 amended complaint references past con...

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