Wells Fargo and several of its executive board directors on Friday were hit with a shareholder lawsuit in California Northern District Court. The complaint, filed by Kessler Topaz Meltzer & Check on behalf of the City of Hollywood Firefighters’ Pension System, asserts that the defendants defrauded customers by misrepresenting several of its financial products which led to improper interest and rates on mortgage and car loans, as well as charging illegal overdraft fees and misrepresenting fee waivers. Counsel have not yet appeared for the defendants. The case is 3:23-cv-02445, City of Hollywood Firefighters’ Pension System v. Wells Fargo & Company et al.
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