Wells Fargo Is A Resident Only Of Headquarter's State, 9th Circuit Says


The Ninth Circuit decided Thursday that a California district court has diversity jurisdiction in a suit accusing Wells Fargo Bank NA of issuing predatory loans, ruling that a national bank is a resident only of the state that is home to its main office.

Reversing and remanding a lower court's decision, the Ninth Circuit said in a split decision that a bank isn't a resident of every state where it does business, thus there is complete diversity in the instant suit between California residents who allegedly defaulted on a home loan issued by a Wells Fargo predecessor, and the bank, which is a resident of South Dakota.

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