SAN FRANCISCO (CN) — Arguing for the dismissal of misrepresentation claims relating to its hiring practices in federal court Tuesday afternoon, Wells Fargo said there is no evidence that its officers acted with intent to defraud or knew about the company conducting fake job interviews.
A class of plaintiffs who are former investors of Wells Fargo sued the bank in 2022, claiming that it conducted fake job interviews to get around the company’s diversity guidelines. After the New York Times published a story detailing the sham interviews, Wells Fargo’s common stock price plummeted, causing the investors to suffer significant losses and damages.
Leonid Traps, counsel for Wells Fargo, told Thompson that the amended complaint — submitted after U.S. District Judge Trina Thompson, previously allowed misrepresentation claims to survive against Wells Fargo’s board in 2024 but dismissed the claims against the Wells Fargo officers in September 2024 — does not contain any new facts against the officers.
The attorney added that the complaint should be dismissed with prejudice because the plaintiffs have still not pleaded that the Wells Fargo officers knowingly made statements to defraud anyone.
Any inconsistencies or differences in statements made by directors and officers of Wells Fargo can be explained by the officers and directors not having the same information, Traps said.
“There are no allegations that the directors and officers knew the same things, nor that they made the same...
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