In Brief: 2 Wells Shareholders Sue Over Norwest Deal

Two shareholders are suing Wells Fargo & Co. to block its proposed merger with Norwest Corp.

In documents filed Tuesday in Delaware Chancery Court, shareholders Jack Morrison and Jean Rutherford are claiming "breach of fiduciary duty" in Wells Fargo's decision to sell for a 9% premium over market value. The plaintiffs are requesting a preliminary injunction to halt the deal.

Wells Fargo declined to comment. Attorneys for the clients at the firm Rosenthal, Monhait, Gross & Goddess could not be reached.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER