Wells Fargo's Victory: Shareholder Lawsuit on Fake Job Interviews Dismissed

Wells Fargo has successfully defeated a shareholder lawsuit accusing the bank of defrauding shareholders by promoting its commitment to diversity while conducting sham interviews of non-white and female job candidates. The judge ruled that the plaintiffs failed to provide sufficient evidence that the fake interviews were widespread or even took place. Additionally, there was no proof that the CEO and senior diversity executives were aware of the sham interviews. The plaintiffs claimed that Wells Fargo inflated its stock price through public statements discussing its "diverse slates" guidelines.