- Wrapping up this week is trial number two for Wells Fargo (WFC -0.6%) over its securities lending program in which investors claim they were misled by company marketing to believe they were engaged in a safe practice only to lose millions.
- "Nothing Wells Fargo did or did not do harmed investors," says an attorney for the bank in closing arguments. "You can find yourself in a position ... where all of a sudden your securities are illiquid, you can't sell them."
- Wells lost case #1 for about $30M. A class action suit is next, and then there are two more cases set for next year.