A Wells Fargo securities trial is underway in Minnesota federal district court where jurors will decide whether the financial institution had misrepresented the safety and soundness of its securities lending program and lied to investors about the risks involved or whether the economic crisis was to blame for investor losses. The securities lending program (SLP) was marketed to large institutional investors, including pension funds. As part of the SLP, Wells Fargo held the participants’ securities in custodial accounts and loaned them temporarily to brokers. The brokers then posted cash collateral, which the bank invested until the securities were returned. Under agreements with SLP participants, Wells Fargo acted...