California attorney general sues Wells Fargo subsidiaries

California AG sues Wells Fargo subsidiaries

SAN FRANCISCO — California Attorney General Jerry Brown has sued subsidiaries of Wells Fargo & Co. for selling more than $1 billion in securities through allegedly deceptive advertising.

The lawsuit filed in San Francisco Superior Court accuses Wells Fargo Investments LLC, Wells Fargo Brokerage Services LLC and Wells Fargo Institutional Services LLC of wrongly assuring investors that the investments were as safe as cash.

Brown has scheduled a news conference later Thursday.

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