Hawaii Fund to Lead Wells Fargo Risky Loan Class Action

Law360 (March 15, 2021, 6:07 p.m. EDT) – A Hawaii pension fund was called upon Monday to pursue a proposed class action lawsuit accusing Wells Fargo of making billions of dollars in risky commercial loans, although the federal judge overseeing the case ordered the fund to review applications from law firms to serve as class counsel.

In his order, U.S. District Judge William Alsup named an institutional investor, the Hawaii Employees’ Retirement System, to serve as the lead plaintiff in the lawsuit. According to the court’s calculations, he said, the alleged net loss of the pension fund was about three times the alleged losses of its main competing claimant, …

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