On Wednesday the Ninth Circuit gave Wells Fargo a belated Christmas present in Gutierrez v. Wells Fargo Bank, — F.3d —-, 2012 WL 6684748 (9th Cir. 2012), vacating the injunctive and restitution relief ordered by the lower court. The district court decision had held Wells Fargo's procedures for ordering debit card withdrawals unfair and fraudulent under California law. The procedures, which charged the highest amounts first regardless of whether they were incurred after charges for lower amounts, had the effect of maximizing the bank's fees. Much of the Ninth Circuit's decision was based on preemption, though the panel did affirm the distict court's judgment that Wells Fargo violated California law by making statements that were likely to mislead depositors. Bloomberg has more here and here is the Wall Street Journal's take.