Trust argues suit against Wells Fargo is a trust suit not securities case

The Seminole Tribe of Florida has argued in a federal court in Florida that its suit claiming Wells Fargo mismanaged a $1.4bn trust is a "breach of trust" suit and should go to a state court, while the bank argues it is a state securities fraud class action case barred by federal law.

By Nathan Hale (May 25, 2016, 10:34 PM EDT) -- The Seminole Tribe of Florida maintained during arguments in Florida federal court Wednesday that its suit accusing Wells Fargo of mismanaging a $1.4 billion trust is a "breach of trust" case that belongs in state court, while the bank insisted it's actually a state securities fraud class action barred by federal law....

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