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Wells Fargo Seeks To Avoid Trial In CDO Fraud Suit

Law360 (June 5, 2019, 3:15 PM EDT) -- Wells Fargo Securities LLC is aiming to head off an upcoming trial in a $163 million suit accusing it of allowing a hedge fund to control collateralized debt obligations that the fund was simultaneously betting against, telling a New York federal court in documents recently unsealed that there is no evidence of fraud.

The bank sparred with Loreley Financing, a group of special-purpose entities based in the Channel Islands, over Wells Fargo's bid for summary judgment in a series of filings unsealed over the last few days.

Loreley's seven-year-old suit claims that in the run-up to the financial crisis, Wachovia Bank,...

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