investors wrongly garnered class status in their suit alleging the bank misled them over a diverse hiring policy that really featured fake interviews with minority candidates, a securities trade association said.

The US Court of Appeals for the Ninth Circuit should accept Wells Fargo's petition for permission to appeal because the district court wrongly took investors' assurances they would devise a classwide damages model, said the Securities Industry and Financial Markets Association's amicus brief filed May 16.

Investors sued Wells Fargo in 2022, alleging a stock decline after news reports exposed Wells Fargo's practice of sham ...