11:59 AM EDT, 07/30/2024 (MT Newswires) -- Wells Fargo ( WFC ) motion to dismiss a lawsuit alleging that the company defrauded shareholders by conducting sham job interviews has been denied by a federal judge, a court document said.

US District Judge Trina Thompson in San Francisco on Monday declined to dismiss a class-action complaint against the company as shareholders were able to provide "sufficient reasoning" for why 11 statements made by Wells Fargo ( WFC ) regarding the diverse search requirement policy were "misleading," according to the document.

"The policy required interview slates to consist of at least 50% diverse candidates for most US positions with compensation above $100,000. 'Diverse' was defined based on race or ethnicity, sex or gender, veteran status, sexual orientation, and disability," the document said.

"Wells Fargo ( WFC ) is deeply dedicated to diversity, equity, and inclusion and does not tolerate discrimination in any part of our business. The claims in this lawsuit have no merit, and we will continue to defend ourselves against them," the company told MT Newswires in a statement.

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