Dodd-Frank Act Enactment Constituted A Capital Treatment Event, Judge Rules

Dodd-Frank Act Enactment Constituted A Capital Treatment Event, Judge Rules

OAKLAND, Calif. - Dismissal of a shareholder class action lawsuit against Wells Fargo & Co. for breaching its contract by attempting to redeem on certain trust preferred securities is proper because the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act constituted a capital treatment event under the terms of the securities, a federal judge in California ruled April 12 (Daniel Call v. Wells Fargo & Co., et al., No. 11-5215, N.D. Calif.).  Subscribers may view the order available within the full update.

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