By Chris Serres
Local foundations are fighting Wells Fargo in court, saying it lied about safety of investments made before market plunge.
For years, some large charitable foundations in the Twin Cities tried to earn a little extra cash by hiring Wells Fargo & Co. to lend the securities they owned to Wall Street.
Now, those foundations are engaged in a high-stakes lawsuit that accuses Wells Fargo of costing them — and the charities they support — tens of millions of dollars by violating the conservative investment principles that the bank’s top executives preached publicly.
Continue reading Bank Blamed For Big Losses to Charities
