Judge Dismisses Racketeering Suit Filed Against Wells Fargo Over Ponzi Scheme

WEST PALM BEACH, Fla. - A federal judge in Florida on April 12 dismissed with prejudice a putative class action alleging that a Wells Fargo Bank N.A. subsidiary knowingly participated in a $68 million Ponzi scheme and violated state racketeering laws, finding that the plaintiff did not meet the "relatedness" and "continuity" requirements to state a Florida Civil Remedies for Criminal Practices Act (Florida RICO Act) claim (Horace-Manasse v. Wells Fargo Bank N. A. No. 10-81623, S.D. Fla.; 2012 U.S. Dist. LEXIS 51354).

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