Wells Fargo & Co., citing “new facts,” asked a judge to revoke the class-action status he bestowed on a suit by institutional investors who claimed the bank marketed a risky securities-lending program as safe, Bloomberg News reported on Friday. Wells Fargo on Friday asked U.S. District Judge Donovan W. Frank to revisit his decision allowing the plaintiffs to pursue their action together instead of individually, giving them greater leverage to obtain a settlement. The bank is also seeking dismissal of multiple investor claims. Frank certified the case as a group lawsuit last year, finding that common questions predominated, including whether San Francisco-based Wells Fargo “knew or should have known that the investments it selected did not comport with investment mandates.”
