Bernstein Liebhard LLP is pleased to announce that after four years of litigation, and on the eve of trial, the firm secured a $50 million settlement on behalf of the New Mexico Public Employees Retirement Association (“PERA”) in an individual lawsuit against Wachovia Bank (now Wells Fargo Bank) and its affiliates. The $50 million settlement represents over 60% of PERA’s actual damages.
The settlement resolves disputed claims of Wachovia’s alleged breach of contract and breach of fiduciary duties relating to losses PERA sustained in its securities lending program.
The case is captioned Public Employees Retirement Association of New Mexico v. Clearlend Securities f/k/a Wachovia Global Securities Lending f/k/a Metropolitan West Securities L.L.C.; Wachovia Bank, N.A.; and Wells Fargo Bank, N.A., No. D-101-CV-2010-003651 (FJM) (N.M. Dist. 2010).