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Wells Fargo faces another shareholder lawsuit

shareholder lawsuit hasbeen filed against Wells Fargo& Co., this time in a proposed class action behalf of buyers ofits common stock between Feb. 26, 2014, and Sept. 15, 2016.

The action,filed in the Northern District of California, accuses Wells Fargo, Chairman andCEO John Stumpf, CFO John Shrewsberry, and former senior vice president ofcommunity banking Carrie Tolstedt of violating federal securities laws.Plaintiff Gary Hefler alleges that the defendants made materially false andmisleading statements regarding Wells Fargo's financial condition, specificallyregarding an investigationby regulators into its cross-selling practices.