Wells Fargo & Co. didn’t withhold material information about its securities-lending program from institutional investors and isn’t liable for any losses, a lawyer for the bank said at the end of a trial, Bloomberg News reported yesterday. Blue Cross Blue Shield of Minnesota and 11 other plaintiffs sued Wells Fargo in 2011, alleging that the company marketed a risky program as safe and cost investors millions of dollars. Wells Fargo has denied misleading the investors and blamed any losses on the financial crisis. The jury is set to begin deliberating today. A separate phase on punitive damages will follow if the jury finds against Wells Fargo on the claims of breach of fiduciary duty, fraud or deceptive trade practices.
