A unanimous three-judge panel of the N.C. Court of Appeals has affirmed a lower-court ruling to dismiss a stockholder lawsuit against Wachovia, Wells Fargo, and others involved in the banks’ merger.
The 2009 suit from seven stockholders had contended the now-merged banks, KPMG, and past Wachovia directors “participated in a fraudulent scheme to deceive plaintiffs and the public as to Wachovia’s financial stability” after Wachovia’s 2006 acquisition of Golden West Financial Corporation.
