Wells Fargo Can't Shake Suit Over Conflict As RMBS Trustee

Law360, New York (May 16, 2013, 6:03 PM EDT) -- A Colorado federal judge on Wednesday allowed most claims to continue in a hedge fund's lawsuit alleging that Wells Fargo NA breached its responsibilities as both a trustee and a servicer for certain residential mortgage-backed securities, costing the fund millions of dollars in losses.

U.S. Magistrate Judge Boyd N. Boland found Galena Street Fund LP had sufficiently alleged that when Wells Fargo took over from Washington Mutual NA as trustee for the MBS as well as servicer for many of the underlying mortgages, it failed to...
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