New York Court of Appeals Affirms Dismissal of Complaint Against Wells Fargo Insurance Services

Skadden secured a significant appellate victory for Wells Fargo Insurance Services on February 17, in the New York Court of Appeals. The court issued an opinion affirming the dismissal, with costs, of a complaint filed by the New York Attorney General against Acordia, Inc. (now known as Wells Fargo Insurance Services), alleging that the company breached its fiduciary duty and engaged in fraudulent business practices by steering clients to preferred insurance companies with which it had contingent commission agreements.