Wells Fargo Puts Insurer's MBS Fraud Suit To Rest

Law360, New York (February 8, 2012, 7:24 PM EST) -- Wells Fargo Bank NA has settled a lawsuit that accused it and other banks of lying about the quality of loans pooled in mortgage-backed securities they sold, an attorney for plaintiff Union Central Life Insurance Co. said Wednesday.

“Yesterday we reached a settlement with them through the mediation process,” Steven W. Pepich of Robbins Geller Rudman & Dowd LLP said at a case status conference in Manhattan before U.S. District Judge George B. Daniels.

Pepich later told Law360 that the terms of the settlement are confidential....
To view the full article, register now.