White & Case partners David Hille, Bryan Merryman and Gregory Starner have stepped in to defend Wells Fargo in a pending consumer class action in connection with its cash sweep program, which moves uninvested cash balances from customer accounts into deposit accounts at affiliated banks. The complaint, filed Aug. 8 in California Northern District Court by the Gibbs Law Group, contends that the program constitutes a breach of fiduciary duties by benefiting Wells Fargo and its affiliates at the expense of customers. The case, assigned to U.S. District Judge Vince Chhabria, is 3:24-cv-04917, Varady v. Wells Fargo & Company et al.
Banking & Financial Services
September 23, 2024, 9:13 AM