For the second time in nearly as many months, another lawsuit tied to the collapse of New London Security Federal Credit Union has been dismissed.
This time around, a suit filed by Wells Fargo Advisors LLC was recently dismissed by a Connecticut federal district court judge for failure to demonstrate a right to indemnity or contribution.
According to its complaint, Wells Fargo sued several former New London board members alleging negligence by Edward Rachleff, the financial adviser who allegedly mismanaged the credit union's investments.
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