Wells Fargo Asks Court To Pare $13M Nev. Real Estate Suit

Law360, New York (September 6, 2012, 6:10 PM EDT) -- Citing preemption by federal law, Wells Fargo Bank NA filed a motion in Nevada federal court on Tuesday to dismiss a claim of unauthorized mortgage banker activity in a suit filed against the bank by a group of real estate investors that put $13.4 million into properties owned by a convicted Ponzi schemer.

The group of so-called tenant-in-common investors, which invested in two Henderson, Nev., properties owned by imprisoned Ponzi schemer Val Southwick in 2007, filed suit in Nevada state court on July 18 against the...
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