Wells Fargo Says Cleveland Overstepping Bounds

Law360, New York (February 11, 2008, 12:00 AM EST) -- Wells Fargo Bank NA is asking for a permanent injunction against the city of Cleveland, saying that a lawsuit brought by the municipality against the biggest banks in the U.S. is preempted by federal law.

In a complaint filed Friday in the U.S. District Court for the Northern District of Ohio, the bank said the suit alleging the companies violated Ohio's public nuisance law with their subprime loan practices was an attempt to regulate Wells Fargo's real estate mortgage business.

That attempt, the complaint says, is...
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