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MarketScreener Homepage  >  Equities  >  Nyse  >  Wells Fargo & Company    WFC

WELLS FARGO & COMPANY

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Wells Fargo : U.S. Justice Department opposes Wells Fargo on whistle-blower suit

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06/06/2017 | 11:21pm EDT
A Wells Fargo logo is seen in New York City

(Reuters) - The U.S. Justice Department filed a friend-of-the-court brief on Tuesday in a lawsuit brought against Wells Fargo & Co by two former employees, who were fired after they reported misdemeanors they had noticed to their supervisors.

The DOJ's filing concluded that the appellate court, which had earlier dismissed the case, should revisit and modify its analysis.

The plaintiffs, Paul Bishop and Robert Kraus, had said the Wall Street bank had requested Federal Reserve loans on various occasions when it was in violation of certain banking regulations, in a complaint filed in 2011.

The suit, which was filed under the False Claims Act, is designed to encourage people to bring to light evidence of fraud against the government.

"We continue to believe these claims are without merit, as the previous court decisions have confirmed," a Wells Fargo spokeswoman said in an email statement.

"We look forward to the opportunity to again present legal arguments to the Second Circuit Court of Appeals," she added.

The filing follows a Supreme Court ruling in February that had also asked the appellate court to review the matter, the New York Times said in a report.

(Reporting by John Benny in Bengaluru; Editing by Sunil Nair)

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Financials (USD)
Sales 2019 84 011 M
EBIT 2019 30 135 M
Net income 2019 21 092 M
Debt 2019 -
Yield 2019 3,91%
P/E ratio 2019 10,3x
P/E ratio 2020 10,9x
Capi. / Sales2019 2,57x
Capi. / Sales2020 2,65x
Capitalization 216 B
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Mean consensus HOLD
Number of Analysts 30
Average target price 48,58  $
Last Close Price 48,91  $
Spread / Highest target 20,6%
Spread / Average Target -0,68%
Spread / Lowest Target -14,1%
EPS Revisions
Managers
NameTitle
Timothy J. Sloan President, Chief Executive Officer & Director
Elizabeth A. Duke Independent Chairman
John R. Shrewsberry Chief Financial Officer & Senior Executive VP
Scott Dillon Chief Technology Officer
John Daniel Baker Independent Director
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