Judge Refuses to Dismiss Class Action Lawsuit Pending Against Wells Fargo and 15 Other Banks, Broker-Dealers and Investment Brokers Over Alleged Conspiracy to Rig Bids and Fix Prices in Municipal Derivatives Market
A federal judge in the United States District Court for the Southern District of New York denied certain defendants’ motion to dismiss the class action complaint filed by numerous local governments against Wells Fargo, Bank of America, Bear Stearns & Co., JPMorgan Chase & Co., Morgan Stanley, National Westminster Bank PLC, Piper Jaffray & Co., Societe Generale SA, UBS AG, Wachovia NA, Natixis SA, Investment Management Advisory Group Inc., CDR Financial Products, Winters & Co., George K. Baum & Co., and Sound Capital Management Inc., according to a class action news report.
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