Reuters - Wells Fargo officers and directors must face most of lawsuit

Gavel

A federal judge said current and former Wells Fargo officers and directors, including CEO Tim Sloan, must face nearly all of a lawsuit by shareholders seeking to hold them personally liable for sales abuses and the creations of millions of unauthorized accounts.

Reuters reports that U.S. District Judge Jon Tigar in San Francisco said shareholders may pursue claims that Wells Fargo officials looked the other way as employees facing “unrelenting” pressure to meet sales quotas unlawfully opened accounts, and misled the public about fraudulent practices at the bank.

“Where, as here, plaintiffs’ claims arise from a pervasive and undisputed fraud going to the core of the company’s business, it is reasonable to infer senior executives knew about, or at least recklessly turned a blind eye to, the stream of red flags,” Tigar wrote in a decision dated Wednesday.

Hit the link below to access the complete Reuters article:

Wells Fargo executives, board must face lawsuit over fake accounts, federal judge says

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