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Wells Fargo must face shareholder lawsuit over compliance with consent orders By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: The Wells Fargo logo was seen in New York City (U.S.A.) January 10, 2017. REUTERS/Stephanie Keith

NEW YORK (Reuters) – A federal judge on Thursday rejected Wells Fargo (NYSE:) & Co’s bid to dismiss a lawsuit accusing the fourth-largest U.S. bank of defrauding shareholders about its compliance with a series of consent orders from U.S. regulators, including a cap on its assets.

U.S. District judge Gregory Woods, Manhattan, stated that plaintiff shareholders had allegedly claimed statements from various bank officers, including Tim Sloan, the former Chief Executive, were intentionally or recklessly misleading.

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