Home
About

Sep

26

Wells Fargo Sued by Shareholders Over Cross-Selling Scandal

By Tony Seruga

CEO accused of misleading investors about Tolstedt retirement
Investor seeks class action status for others over 2 1/2 years

Wells Fargo & Co. was accused of misleading shareholders about its opening of unauthorized accounts and blamed for a 9 percent drop in the bank’s stock price when details became public this month.

The San Francisco-based bank deceived investors for years about its fraudulent practice of cross-selling financial products and misrepresented the success of its model, according to the complaint filed Monday in San Francisco federal court. The investor who sued seeks class-action status on behalf of all shareholders from Feb. 26, 2014, to Sept. 15, 2016…

Wells Fargo Sued by Shareholders Over Cross-Selling Scandal

Categories : Uncategorized

Leave a Reply

You must be logged in to post a comment.

Recent Posts

Puerto Rico Rebound Lures Mutual Funds Back to Island’s Bonds January 31, 2019
Bernie Sanders Proposes Estate Tax of Up to 77% for Billionaires January 31, 2019
Treasury Has Wall Street Dreaming Up New Bond Ideas January 31, 2019
Fed Looks Like Just an ‘Average Investor’ After Market Tantrum January 31, 2019
The Latest Victim of 2018’s Stock Rout Is the World’s Largest Pension Fund January 31, 2019
DealBook Briefing: The Fed’s Reversal Soothes Wall St. January 31, 2019
Australia’s Housing Downturn Deepens as Prices Hit 2016 Levels January 31, 2019
Trump Started 2019 With $19.3 Million in 2020 Campaign Account January 31, 2019
CEO Made $357 Million From Small Businesses, $3.50 at a Time January 31, 2019
U.S. Equities Rally to Best Month in Three Years: Markets Wrap January 31, 2019
Where Some of the World’s Top Hedge Funds Will Invest in 2019 January 31, 2019
Moscow Luxury Real Estate Sales Are Soaring January 31, 2019
Saudi Arabia Collects $107 Billion as Prince Ends Crackdown January 31, 2019
Powell’s `Patience’ Is Relief for Hong Kong as Pressures Mount January 30, 2019
U.K. Lending Slows as Brexit Uncertainty Hangs Over Outlook January 30, 2019
What Wall Street Wants to Hear From Tesla’s Elon Musk January 30, 2019
A Tech Firm Far From Silicon Valley Churns Out Billionaires January 30, 2019
U.K. Auto Investment Drops Almost 50% as Brexit Chills Spending January 30, 2019
Gary Cohn Is Raising Money In Miami Right Now January 30, 2019
Ocasio-Cortez Says Billionaires Like Schultz Should Work Their Way Up January 30, 2019
Fed Signals End of Interest Rate Increases January 30, 2019
Billionaire Wirecard CEO Takes $221 Million Hit on Fraud Report January 30, 2019
Trump Met Heidi Cruz for World Bank Job But Passed on Her, Sources Say January 30, 2019
Foxconn Reconsidering Plans for a Wisconsin Factory Heralded by Trump January 30, 2019
Starwood Capital Seeks $500 Million to Chase Tax Break Criticized by Its CEO January 30, 2019
Eight Asian Billionaires Aged Over 90 Control $125 Billion January 30, 2019
Billionaire’s Property Firm Faces Refusal for 1,300 London Homes January 29, 2019
PG&E Shows Utility Stocks Aren’t Boring Anymore January 29, 2019
A $150 Million Plot of Land Hits Market in Bel Air, House Not Included January 29, 2019
A Watershed’s Coming for China’s $11 Trillion Bond Market January 29, 2019
PG&E Unveils Details of $5.5 Billion Bankruptcy Loan January 29, 2019
Singapore’s $1.4 Billion Telco Takeover Leaves Wireless Giant in a Bind January 29, 2019
U.S. and China Are Talking Some More, But Deal Prospects Are Still Slim January 29, 2019
PG&E Bankruptcy Hits Green Energy Suppliers January 29, 2019
U.K. Fund Managers Face New Guidelines Demanding Transparency January 29, 2019
PG&E Had Rescue Options. Here’s Why It Chose Bankruptcy Instead January 29, 2019
Sotheby’s to Offer Record $26 Million Wine Collection January 29, 2019
Where Europe’s Biggest Fund Manager Is Putting Its Cash (And Where It’s Avoiding) January 29, 2019
Eight Asia Billionaires Aged Over 90 Control $125 Billion January 29, 2019
Shark Attacks Illustrate an Investing Problem January 28, 2019
Best Hedge Fund Managers Of All Time Made All The Money Last Year, Are Still Best Hedge Fund Managers Of All Time January 28, 2019
Australia Firms See Worst Slump in Conditions Since Financial Crisis January 28, 2019
Oil Holds Losses Near $52 as Venezuela Sanctions Shrugged Off January 28, 2019
Silver Shortage Promises to Boost Price in 2019 January 28, 2019
Saudi Arabia Kicks Off $426 Billion Infrastructure Bonanza January 28, 2019
Malaysia to Terminate $20 Billion China-Backed Rail Project January 28, 2019
May Faces Losing Control Over Brexit Despite Gamble on Backstop January 28, 2019
Blackstone’s Race for $1 Trillion Leans on Ex-Analyst Joan Solotar January 28, 2019
Trump Slaps De-Facto Oil Ban on Venezuela January 28, 2019
Ray Dalio on the Limits of Capitalism? January 28, 2019
BOJ May Be Attempting to Let Steam Out of the Property Market January 28, 2019
PG&E Still Plans Bankruptcy Despite Investor Proposal January 28, 2019
The $200 Trillion Gold Rush That Has Reshaped Private Banking January 27, 2019
Aramco’s $1.6 Billion Hyundai Stake Deepens Refiner Ties in Asia January 27, 2019
Why the Fed Is Likely to Signal Greater Policy Flexibility January 27, 2019
An Ex-Nomura Trader Starts Hedge Fund at Tencent-Backed Firm January 27, 2019
Bridgewater, RenTech Make $13 Billion in a Grim Hedge-Fund Year January 27, 2019
There’s No Word For ‘Black Edge’ In Australian January 27, 2019
China’s Banks Are Desperate for Capital January 27, 2019
Asia Stocks Start Week Mixed, Yen Edges Higher: Markets Wrap January 27, 2019
Global Telecom Surges in Cairo After Veon Offers Funding Support January 27, 2019
Al Gore’s Firm Leads $100 Million Investment in African Outsourcing Startup January 27, 2019
The $238 Million Penthouse, and the Hedge Fund Billionaire Who May Rarely Live There January 27, 2019
Cantor, SC Lowy Eye India Soured Loans Amid Insolvency Delay January 27, 2019
Thai Property Can Stay Hot in Chillier Times January 27, 2019
Home-Builder Stocks Bounce Back as Mortgage Rates Slide January 24, 2019
Carlos Slim Buys Businesses From Rival Telefonica for $648 Million January 24, 2019
Billionaire Miami Beach Developer Dismisses Rising Sea Levels as ‘Paranoia’ January 24, 2019
U.K. Launches Inquiry to Find Advantages for Banks in Brexit January 24, 2019
Ken Griffin Spends Extra $38 Million On New York Pied-À-Terra Because Of Course He Did January 24, 2019
Singapore Is Seeing an Unprecedented Mortgage Slowdown January 24, 2019
Index Funds Are King, But Some Indexers Are Passive-Aggressive January 24, 2019
Going Forward, Federal Regulators Should Announce When They Are NOT Probing Deutsche Bank January 24, 2019
Leveraged-Loan Protections Go From Bad to Worse January 24, 2019
New Talks to End Shutdown Mark First Hint of Break in Impasse January 24, 2019
At $238 Million, It’s the Highest-Price Home in the Country January 24, 2019
Chan Zuckerberg-Backed Fund Targets Bay Area Housing Crisis January 24, 2019
Elizabeth Warren’s Wealth Tax Would Cost Jeff Bezos $4.1 Billion in First Year January 24, 2019
Ken Griffin Will Never Have To Suffer The Indignity Of A Five-Star London Hotel Again January 23, 2019
Bank of Korea Stands Pat on Interest Rates January 23, 2019
Lessons for Corporate Boardrooms From Yahoo’s Cybersecurity Settlement January 23, 2019
Venezuela Bond Investors Say the End May Be Near for Maduro’s Regime January 23, 2019
Canadian Pension CEOs at Davos 2019? January 23, 2019
Once the World’s Greatest Port, Hong Kong Sinks in Global Ranking January 23, 2019
Wall Street’s Hopes for the New Congress Go From Not-So-Good to Oh Dear January 23, 2019
Survival is the Ultimate Performance Measure of a Business January 23, 2019
Mars Inc. CEO Grant Reid Is Thinking a Hundred Years Ahead January 23, 2019
Zermatt’s $60 Million, Glass-Bottomed, Swarovski-Encrusted Gondola January 23, 2019
Chilling Davos: A Bleak Warning on Global Division and Debt January 23, 2019
PG&E Says $150 Billion Could Be Price Tag of a Judge’s Fire Plan January 23, 2019
A Hedge Fund Got Sued by the SEC. The Shutdown Sent the Case Into Purgatory January 23, 2019
The 20%-a-Year Stock Picker Who Wishes His Edge Would Disappear January 22, 2019
Lance Roberts: The Case For A 50% Market Correction January 22, 2019
Hong Kong’s Billion-Dollar Plunges Highlight Share Pledge Danger January 22, 2019
Billionaire Quandt’s Legacy Lures Rich Investors to Spa Town January 22, 2019
Colleges That Rushed to Fund Electric Scooter Startups Don’t Love Them on Campus January 22, 2019
Fleeing Clients Are Grim Reality in Banks’ Push to Manage Money January 22, 2019
Asian Stocks Pare Early Losses; Yen Declines: Markets Wrap January 22, 2019
Jeff Gundlach Mournfully Concludes That We Mortals Cannot Handle His Truth January 22, 2019
Why a PG&E Bankruptcy Could Change Climate Calculus January 22, 2019
Stocks Tumble on Growth, Trade-Tension Pessimism: Markets Wrap January 22, 2019
Larry Weinberg Survived Horrific War Injuries, Founded Home Builder and Owned NBA Team January 22, 2019
IHeartMedia Nears Bankruptcy Exit With Court Approval of Plan January 22, 2019
This Hedge Fund Turned 0% Yields Into Double Digit Returns January 22, 2019
Qatar Plans to Support Lebanon With $500 Million Bond Buy January 21, 2019
China Retail, Real Estate Slow More Sharply Than Overall Economy January 21, 2019
France Uses New EU Privacy Law to Fine Google $56.8 Million January 21, 2019
Real Estate inventory is piling up: Housing market unaffordable to most Californians so what happens next?? January 21, 2019
Tycoon Mistry’s Asset Sales in Focus After Downgrades January 21, 2019
Enbridge Oil Pipeline Rationing Eases Little After Curtailment January 21, 2019
U.S. Futures, Europe Stocks Dip Amid Growth Noise: Markets Wrap January 21, 2019
Brexit Forces Equity, Foreign-Exchange Markets to Leave London January 21, 2019
Poor Earnings Season May Not Stop a Market Rally, JPMorgan Says January 21, 2019
Confident Oil Industry Set to Ratchet Up Spending in 2019 January 21, 2019
Company Chairman, Wife Cut Stake as Hong Kong Stock Plunged 89% January 21, 2019
Nigeria’s $15 Billion Oil Refinery Is on Track, Dangote Says January 21, 2019
Hedge Fund Billionaire Griffin Buys $122 Million London Home January 21, 2019
Fund Managers Who Called China Stock Bottom See More Gains Ahead January 20, 2019
Puerto Rico’s $18 Billion Bond Restructuring Nears Completion January 20, 2019
Bank Investors Look Beyond Trading Revenue to Deliver Strong Gains January 20, 2019
Currency Ghosts Fade as Emerging-Market Central Banks Stand Pat January 20, 2019
Malaysia’s Finance Minister Wants Goldman’s $7.5 Billion, Not an Apology January 20, 2019
Wells Fargo Admits That It Will Remain In A Bad Bank Time Out For 2019 January 20, 2019
Asking Prices for London Homes Slump to Lowest Since 2015 January 20, 2019
What Drove Jack Bogle to Upend Investing January 20, 2019
Some People Don’t Think Eddie Lampert Is Motivated Entirely By Love January 20, 2019
Why EU’s Budget Rules Invite Members to Test Limits January 20, 2019
Central Banks Struggle With Policy Settings January 20, 2019
World’s Biggest Investor Tells C.E.O.s Purpose Is the ‘Animating Force’ for Profits January 20, 2019
Run-Down Buildings Are Hot Property in Land-Scarce Hong Kong January 20, 2019
Davos Predicted the Stock Market Selloff of 2018 January 17, 2019
Inflation Is Flagging in European Capital of Negative Rates January 17, 2019
Deripaska’s Fortune Swelled $679 Million in January January 17, 2019
Elizabeth Warren Demands That Wells Fargo Be Kicked Off College Campuses January 17, 2019
Eddie Lampert Wins Sears Auction, Loses More Generally January 17, 2019
Manhattan Home Prices Fall Under $1 Million for the First Time Since 2015 January 17, 2019
Billionaire Bill Koch Doesn’t Have to Sell His Oxbow Carbon January 17, 2019
Morgan Stanley Targets Singapore’s Rich Chinese Entrepreneurs January 17, 2019
Expecting a Huge Payout, Investment Banker Loses His New Job Instead January 17, 2019
Wall Street Rallies for Squash in Harlem at Harvard Club Benefit January 17, 2019
Twilight Of Western Civilization, Being Wrong About Stuff Working Out Pretty Well For Ray Dalio January 17, 2019
Leslie Moonves to Take CBS to Arbitration Over $120 Million Severance January 17, 2019
Wall Street Grows Antsy as Shutdown Threat to Stocks Intensifies January 17, 2019
Lone PG&E Bull Refuses to Ditch ‘Buy’ Rating Even After 80% Wipeout January 16, 2019
Hedge Fund Can Give Olympus a Clearer Focus January 16, 2019
‘Stealth Easing’ Spreads in China Property as Debt Risks Mount January 16, 2019
Odey Hedge-Fund Partner Orlando Montagu Is Leaving to Run Sandwich Business January 16, 2019
Goldman’s M&A Bankers Shine, Traders Stumble as Malaysian Scandal Looms January 16, 2019
Wall Street’s Earnings Week Bonanza Eases Investors’ 2018 Pain January 16, 2019
‘Patron Saint’ of the Investing Business: Remembering Jack Bogle January 16, 2019
Rising Borrowing Costs Spell Trouble for Commercial Real Estate January 16, 2019
Goldman Says Rich People Will Drag Down the U.S. Economy by Spending Less January 16, 2019
Snap CFO’s Exit Followed Request to Board for More Money January 16, 2019
Wall Street’s Big Landlords Are So Hungry for Houses They’re Building Them January 16, 2019
Wall Street’s Mr. Fix-It Has $338 Million Riding on Fiserv Deal January 16, 2019
House Passes Latest Plan to Fund the Government: Shutdown Update January 16, 2019
Dubai Ruler in Talks to Buy Some of Europe’s Most Famous Luxury Hotels January 15, 2019
Cuomo Assails Predatory Lending Tactic That Uses N.Y. Courts January 15, 2019
German Co-Living Firm to Expand in U.S. With $300 Million Deal January 15, 2019
Morgan Stanley Names 145 Managing Directors, Its Top Rank January 15, 2019
How Fiat Chrysler Sped From Laggard to Leader in Detroit January 15, 2019
Bonds That Were Ground Zero for China Debt Woes Now Top Pick January 15, 2019
China Injects Record Funds to Counter Tax, Holiday Cash Demand January 15, 2019
Malaysia Blames Goldman Sachs for Stolen Billions January 15, 2019
Cracks Start to Show for U.A.E. Banks as Bad Loans Set to Rise January 15, 2019
Rare Singapore Hotel Site Gets Record $415 Million Bid January 15, 2019
Hedge Fund Called ‘Destroyer of Newspapers’ Bids for USA Today Owner Gannett January 15, 2019
Who Could Get Hurt by PG&E’s Fire-Driven Bankruptcy: QuickTake January 15, 2019
Four Chinese Tycoons Just Transferred $17 Billion to Trusts January 15, 2019
Asian Stocks Are Caught in the Longest Sell-off in 16 Years September 12, 2018
For Hedge Fund Stars, Being Right in 2008 Proved to Be a Curse September 12, 2018
Meituan Raises $4.2 Billion in IPO Priced Toward Top September 12, 2018
How Bank Workers Emerged From the Crash $12.5 Billion Richer September 12, 2018
Tech Investors Prepare to Say Goodbye to Facebook, Google September 12, 2018
Billionaire Who Once Built Robots to Trade Goes to War With Them September 12, 2018
Goldman Warns of Bear Market in Latest Wall Street Trade Alarm September 12, 2018
JPMorgan CEO James Dimon Said He Could Beat Trump in a Presidential Election September 12, 2018
Rich Asians See Crazy Big Losses Amid Longest Market Sell-Off September 12, 2018
U.S. Asks China for New Round of Trade Talks Led by Mnuchin September 12, 2018
China’s Sovereign-Wealth Fund Interested in Buying HNA’s Deutsche Bank Stake September 12, 2018
Wall Street Is Bullish on Global Economy Despite Emerging Markets September 12, 2018
Fidelity Expands Zero-Fee Lineup With Two New Index Mutual Funds September 12, 2018
Florence Shuts Down Businesses and Sticks Insurers With the Tab September 11, 2018
Barclays Plants $1.1 Billion Into U.K. Government Housing Fund September 11, 2018
Earnings a Bright Spot for Top India Brokerage Amid Rupee Slump September 11, 2018
The Government May Want to Buy Your Dying Mall September 11, 2018
Argentina Holds Rate at World-High 60 Percent to Fight Inflation September 11, 2018
‘Bankrupt’ Pakistan Grid Adds to Imran Khan’s Economic Quandary September 11, 2018
U.S. Stocks Gain Despite Trade Worries September 11, 2018
Gambling on Ronaldo and Madonna Made This Man a Billionaire September 11, 2018
Serena Williams’s Racket Maker Gets $5.5 Billion Chinese Bid September 11, 2018
New York’s World Trade Center Struggles to Fill Office Space September 11, 2018
Trillion-Dollar Investors Don’t Mind Billion-Dollar CEO Awards September 11, 2018
The Incredible Shrinking Hedge Fund September 11, 2018
Can We Survive the Next Financial Crisis? September 10, 2018
Nine West Settlement Offer Could Cost Sycamore, KKR $470 Million September 10, 2018
China’s Stocks Nearing 2016 Low Have Asia Markets on Knife Edge September 10, 2018
Chinese Money Is Driving One of Asia’s Fastest Property Booms September 10, 2018
JPMorgan Bolsters Hedge Fund Team in Asset Management With Hires September 10, 2018
BlueOrchard Fund Now Has the Only Money Making Strategy in EMs September 10, 2018
Facing Dollar Squeeze, Indian Companies Rush for Samurai Loans September 10, 2018
Stocks Mostly Gain as FANG Feels Trade Pressure: Markets Wrap September 10, 2018
Why the Traditional Way of Measuring ‘Value’ Stocks May Be History September 10, 2018
Nowhere to Hide In Crypto as Digital Asset Ties Tighten in Slump September 10, 2018
Florence Could Cost Insurers Up to $20 Billion in Early Forecast September 10, 2018
Asian Stocks Open Mixed, Hover Near One-Year Low: Markets Wrap September 10, 2018
Florence Takes Aim at U.S. East Coast as 1 Million Told to Leave September 10, 2018
UBS Retreats to Cash in China But Sticks to Troubled Tencent September 5, 2018
China’s $29 Trillion Ball of Money Rolls to a Long-Ignored Haven September 5, 2018
Sinking Indian Rupee Remains Hostage to Oil September 5, 2018
Athenahealth Ex-CEO Bush to Get $4.83 Million If Firm Is Sold September 5, 2018
Default Fears Mount for ‘BATS’ as Emerging-Market Pain Deepens September 5, 2018
Mercedes Unveils First Tesla Rival in $12 Billion Attack September 5, 2018
Tech Stocks Retreat as Senate Hearing Proceeds September 5, 2018
Detroit Bridge Inches Closer as Project Prepares to Sell Bonds September 5, 2018
Contagion or Not, These Emerging Markets Hold Key to Selloff September 5, 2018
Tom Hanks Joins Cantor Fitzgerald CEO at 9/11 Memorial Fundraiser September 5, 2018
American Tire Debt Plan Includes Possible Bankruptcy September 5, 2018
Little Relief in Sight as Emerging Stocks Slide Near Bear Market September 5, 2018
Amazon Hits $1 Trillion Valuation September 4, 2018
BlackRock Sees ‘Silver Lining’ When Bank of Japan Tapers ETFs September 4, 2018
Hedge Funds Face a New Threat From Richest Families in Asia September 4, 2018
Argentina to Go Deeper Into Recession, Central Bank Survey Says September 4, 2018
Calpers’ Bet on Sacramento’s Planned Tallest Tower Splits Board September 4, 2018
Ex-Billionaire Shivinder Singh Sues Brother as Empire Unravels September 4, 2018
Climate Envoys Seek Successor to $33 Billion UN Carbon Market September 4, 2018
Norway’s Trillion-Dollar Oil Fund Hitting Critical Mass in Property Deals September 4, 2018
Amazon at $1 Trillion Pushes Bezos’s 2018 Gain to $67 Billion September 4, 2018
U.S. Stocks Slip as Materials and Industrials Sectors Fall September 4, 2018
Emerging-Market Contagion Fears Deepen; Rupiah in Cross-Hairs September 4, 2018
Wall Street’s 30 Days of Hell: No Sleep, No Meals, No Family September 4, 2018
Turkey’s Lira Needs More Than Intent to Raise Interest Rates September 3, 2018
Funding Circle Plans IPO With Danish Billionaire’s Backing September 3, 2018
Foreigners Love This Stock That China Investors Seem to Hate September 3, 2018
European Finance Chiefs Struggle to Spend Cash September 3, 2018
A $14 Billion Mobile Stock Sell-Off in Japan Makes a U-Turn September 3, 2018
China Promises Africa Debt Relief as Xi Counters Aid Criticism September 3, 2018
China Startup Meituan Dianping Seeks $55 Billion Valuation in Hong Kong IPO September 3, 2018
The Biggest Legacy of the Financial Crisis Is the Trump Presidency September 3, 2018
Asia Stocks Drift; Dollar, U.S. Treasuries Steady: Markets Wrap September 3, 2018
Global Stocks Saddled as Nafta Rewrite Drags On September 3, 2018
After $40 Billion Exit, Morgan Stanley Says Give Europe a Chance September 3, 2018
Wealth Managers Are Getting 30% Pay Hikes to Defect in Asia September 3, 2018
Why It’s So Hard to Be an ‘Ethical’ Investor September 2, 2018
Australia House Prices Fall for 11th Month as Downturn Deepens September 2, 2018
HNA Is Starting to Trim Down One of China’s Biggest Debt Piles September 2, 2018
Smart Money Sees China Bear Market Lasting: JPMorgan Survey September 2, 2018
China Selloff Casts Foreigners in Unusual Role as Market Bulls September 2, 2018
MTN Nigeria Listing in Doubt Over $8 Billion Claim September 2, 2018
China’s Consumers Are On Point to Defend Economy From Trump September 2, 2018