4 Financial Stock Stories To End the Trading Week
Wells Fargo & Company (NYSE:WFC): Current price $37.70
Wells Fargo will have to pay $105 million to resolve a lawsuit filed against it by Medical Capital Holdings, which claims that the bank, while acting as a trustee for debt issued by Medical Capital Holdings, did not protect the investors against fraud. The settlement agreement was filed in the United States District Court in Santa Ana, California, and followed a judge’s dismissal of Wells Fargo’s attempt to seek relief from the charges in April. Actually, Medical Capital raised $1.7 billion from over 20,000 investors from 2003 to Jul 2009, when the U.S. Securities and Exchange Commission brought a lawsuit against the company and its higher management for fraud, after which it soon collapsed and investors lost between $839 million and $1.08 billion.
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