Wells Fargo Sues Insurer Over $8M Loan Default

Law360, New York (September 16, 2010, 2:19 PM EDT) -- Wells Fargo Bank NA has slapped Spring Hill Insurance Co. and a handful of limited liability companies with a suit alleging they defaulted on nearly $8 million in loans issued by Wachovia Bank NA before it merged with Wells Fargo.

Wells Fargo is asserting claims of breach of contract, money had and received and unjust enrichment against Spring Hill and the other defendants, according to a complaint lodged in the U.S. District Court for the Southern District of Alabama on Wednesday.

Wachovia made a $5.2 million...
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