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Jury rules in favor of Wells Fargo in securities-lending case


A federal jury in St. Paul has ruled in favor of Wells Fargo & Co. in a lawsuit brought by Blue Cross Blue Shield of Minnesota and 11 other investors, who had alleged that the bank misrepresented its securities-lending program, Bloomberg News reports.

The plaintiffs in the 2011 lawsuit said the bank marketed a risky program as safe and therefore was liable for $8.2 million in losses, but Wells Fargo had countered that the losses were due to the U.S. financial crisis. The bank denied providing misleading information.

The jury ruled that the San Francisco-based bank, Minnesota's largest by deposits, does not owe the investors for the losses.

The case was one of at least five in Minnesota against Wells Fargo over its securities lending, Bloomberg BusinessWeek reported.

Last year, Wells Fargo lost its appeal in one of those cases. The bank lost its bid to throw out a 2010 court verdict ruling that said Wells Fargo must pay four Minnesota non-profit organizations $30.1 million.

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