Wells Fargo Bank, N.A. v. Superior Court

In this petition for writ of mandate, Wells Fargo Bank, N.A. (the Bank), challenges an order of the trial court overruling the Bank’s demurrer to the second amended complaint of plaintiffs and real parties in interests Mary L. Richtenburg et al. (plaintiffs). The petition raises the issue of whether the Securities Litigation Uniform Standards Act of 1998 ( Pub.L. No. 105-353 (Nov. 3, 1998) 112 Stat. 3227 ) (SLUSA) precludes plaintiffs’ class action complaint. We conclude that it does. Accordingly, we grant the petition and issue a writ of mandate directing the trial court to vacate its order overruling the demurrer, and to issue a new order sustaining the demurrer with leave to amend.

Factual and Procedural Background

Mary L. Richtenburg and C. Kathleen Sipes are beneficiaries of personal trusts maintained by the Bank. They commenced the underlying action on behalf of themselves and the following class: “all persons (and their successors) who are or were beneficiaries or successor trustees of trusts whose principal and/or income is or was managed by Wells Fargo as a corporate trustee, in which trusts Wells Fargo collected fees, proceeds or similar compensation or…