Judge Jon S. Tigar ruled that a complaint brought against Wells Fargo executives in connection with a fake account opening scandal adequately alleged that such executives “made false and misleading statements,” meaning a lawsuit will be required.
Tigar wrote that it was “implausible” that the defendants in the case, including CEO Tim Sloan, “were unaware of the account-creation scheme” and that the aggressive cross-selling strategy emphasized by the company contributed to the fraudulent practices.
Tigar specifically called out Sloan, saying “even if somehow Mr. Sloan had no knowledge of the practices before 2013… he certainly was aware of these issues as of December 2013.” Judge also said the complaint adequately alleged that Sloan and other executives “breached their fiduciary duties.”
Equipment leasing and financing companies play a vital role in the U.S. economy by providing businesses of all sizes with much-needed financing options for acquisitions of equipment used in their business operations. As the COVID-19 pandemic has effectively shut down... read more
When the COVID shutdown began, most lenders issued moratoriums on repossession activity and began issuing payment deferrals to customers on a large scale. Several states also issued executive orders reducing or eliminating a lender’s ability to enforce their security interests... read more