Wells Fargo To Pare $30M Secured Claims In Dreier Deal

Law360, New York (March 15, 2012, 8:47 PM EDT) -- Wells Fargo Bank NA on Wednesday agreed to whittle $29.8 million in secured claims against Dreier LLP down to $7.2 million, settling claims from the law firm's liquidation trustee that the bank's predecessor had enabled the Ponzi scheme that toppled the firm and put its founder behind bars.

In a motion filed in New York bankruptcy court, Dreier LLP’s Chapter 11 trustee Sheila Gowan said that Wachovia Bank NA, which merged with Wells Fargo in 2008, would agree to chop its secured claims to $7.2 million,...
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