Wells Fargo must face shareholder fraud claims over its recovery from scandals

Published by
Reuters

By Jonathan Stempel NEW YORK (Reuters) -A federal judge on Thursday rejected Wells Fargo & Co’s bid to dismiss a lawsuit claiming it defrauded shareholders about its ability to rebound from five years of scandals over its treatment of customers. The fourth-largest U.S. bank has operated since 2018 under consent orders from the Federal Reserve and two other U.S. financial regulators to improve governance and oversight, with the Fed also capping Wells Fargo’s assets. Shareholders said bank officials falsely claimed in TV interviews, analyst calls and congressional testimony that the bank was men…

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