NEW YORK (Reuters) – A federal judge on Thursday rejected Wells Fargo & 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.
Wells Fargo has a large credit card processing facility in Sioux Falls.
U.S. District Judge Gregory Woods in Manhattan said the plaintiff shareholders plausibly alleged that some statements by various bank officials, including former Chief Executive Tim Sloan, were deliberately or recklessly false or misleading.
(Reporting by Jonathan Stempel in New York; editing by Jonathan Oatis)
