The Medical Capital Class Action Lawsuit is against Wells Fargo and BNYM. The crux at the matter is if Wells Fargo and BNYM breached their contractual duties to investors by not properly monitoring funds that were used by Medical Capital. Class members are claiming breach contractual duties to investors and claim that over $1 billion in Notes held by 8,323 investors are now in default due to this breach. The case is entitled In re Medical Capital Securities Litigation and will be under the United States District Court for the Central District of California. The lawsuit will be heard by the Honorable David O. Carter who received his law degree from University of California, Los Angeles in 1972. It should be stated for the record that Wells Fargo and BNYM deny all and any actions of wrong doing in the case. The court has appointed the law firms of Cotchett, Pitre & McCarthy, LLP and Westerman Law Corp. to represent all class member who do not option out of the lawsuit. Important dates in the Medical Capital Class Action lawsuit include:
- 07-15-13 Deadline to Object to Wells Fargo Settlement
- August 12, 2013 Settlement Fairness Hearing
- 05-09-13 Deadline to Object to BNYM Settlement
MedicalCapitalClass.com provides more details about the case to include court documents.