Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Sunday, June 16, 2024 | Back issues
Courthouse News Service Courthouse News Service

Class Says Wachovia Blew Their Claims

SAN FRANCISCO (CN) - Wachovia did not notify Asia Pulp & Paper shareholders they were entitled to reimbursement from a securities class-action settlement, stockholders say in a federal class action.

Asia Pulp & Paper issued misleading press releases and financial statements to drive up the price of its stock, and Wachovia, as nominee purchaser, "failed to give notice to the beneficial owners ... as ordered by the District Court in its Order preliminarily approving the class settlement," according to the complaint. "This failure resulted in the beneficial owners losing any chance of recovery under the settlement agreement."

Wells Fargo and Wachovia and Wells Fargo affiliates also are named as defendants.

The class demands restitution and damages for negligence. They are represented by Brian Kabateck with Kabateck, Brown and Kellner of Los Angeles.

Follow @MariaDinzeo
Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Loading...