James L. Turkle Trust v. Wells Fargo & Co.
Opinion
Opinion
MEMORANDUM
James L. Turkle Trust (“Turkle Trust” or “Plaintiff”) appeals the dismissal of its claims against Wells Fargo & Company (“Wells Fargo” or “Defendant”) under Rule 12(b)(6) of the Federal Rules of Civil Procedure. Turkle Trust alleges that, by redeeming certain trust preferred securities when it did, Wells Fargo breached the agreements governing those securities and the implied covenant of good faith and fair dealing. Turkle Trust seeks damages of $79.7 million on behalf of a putative class for payments that would have been made if not for the redemption. We review the dismissal for failure to state a claim de novo, and the denial of leave to amend the complaint for abuse of discretion. Cervantes v. Countrywide Home Loans, Inc., 656 F.3d 1034, 1040-41 (9th Cir.2011). A question of jurisdiction arose prior to oral argument. Both parties argued, and we agree, that jurisdiction exists under the diversity statute, 28 U.S.C. § 1332 . We have jurisdiction to hear this appeal pursuant to 28 U.S.C. § 1291 . Because the Indenture gave Wells Fargo the right to redeem the securities when it did, we affirm the decision of the district court.
7. Background