As law enforcement agencies and private plaintiffs attorneys circle Wells Fargo & Co. in the wake of its sham accounts scandal, the bank and its executives have deployed a legion of defense attorneys to limit the legal fallout.
Last month, the company announced in securities filings that it had set aside at least $1.7 billion to fend off the wave of litigation. Judging from the roster of counsel it has tapped so far, it’s already eating into that war chest. The bank and its executives have called on at least a dozen corporate Wall Street firms and premier white-collar boutiques, including Shearman & Sterling; Munger, Tolles & Olson; Williams & Connolly; Orrick, Herrington & Sutcliffe and Goodwin Procter.
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