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Thornton obtains $9.3 million settlement for local clients against banking giants Bank of New York Mellon and Wells Fargo for breach of fiduciary duty

TLG’s clients lost millions in highly complex investment products of receivables collections sold by a company promising substantial returns in an environment of low interest rates. The investments went sour and the investors lost their money. TLG litigated claims that included breach of fiduciary duty in a mass action against Bank of New York Mellon and Wells Fargo, the indenture trustees of the money that TLG’s clients had invested in the financial products. Rather than take a chance of losing at trial and ultimately be held liable for improperly allowing payment of tens of millions of dollars in administrative fees, the banks instead chose to settle. As part of this settlement, Thornton obtained $9.3 million for his clients, many of whom were local residents of Fresno and Madera Counties.