Wells Fargo Shakes 3 Suits Claiming It Violated $50M Deal

Law360, New York (August 20, 2013, 3:55 PM ET) -- A California federal judge on Monday dismissed three putative class actions against Wells Fargo & Co., leaving the plaintiffs to battle the bank through an existing dispute mechanism over alleged violations of a $50 million settlement for its Wachovia unit's "pick-a-payment" home loans.

Judge Susan Illston of the federal district court in San Francisco said the three suits were clear instances of claim-splitting since the plaintiffs were bringing enforcement actions alleging breaches of the 2010 settlement under an enforcement process under the same judge who oversaw the...
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