Wells Fargo Settles MBS Action For $125M

Law360, New York (July 7, 2011, 3:34 PM EDT) -- Wells Fargo Bank NA agreed in California federal court on Wednesday to a proposed $125 million settlement in a class action accusing it and others of negligence in connection with the sale of more than $27.3 billion in mortgage-backed certificates.

The lead plaintiffs — the Alameda County Employees' Retirement Association, Government of Guam Retirement Fund, New Orleans Employees' Retirement System and Louisiana Sheriffs' Pension & Relief Fund — said they will move for an order preliminarily approving the settlement at a July 21 hearing.

The pension...
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