Wells Fargo Hit With Investor Suit Over Loan Portfolio Misrepresentations

(November 12, 2020, 9:24 AM EST) -- SAN FRANCISCO — Wells Fargo & Co. and certain of its current and former executive officers misrepresented the financial viability of its commercial loan portfolio and engaged in the same loan origination and marketing of its commercial loans that resulted in a multibillion dollar financial crisis-era settlement with the U.S. Department of Justice in violation of federal securities law, an investor alleges in an Oct. 30 securities class action complaint filed in California federal court (Steven A. Mullen v. Wells Fargo & Co., et al., No. 20-7674, N.D. Calif.)....

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