Wells Fargo To Pay $43M To Settle RMBS Trustee Litigation
Law360 (November 9, 2018, 11:29 PM EST) -- Wells Fargo Bank NA announced Friday it will pay $43 million to end allegations it failed to protect investors from billions of dollars in losses as the trustee for hundreds of residential mortgage-backed securities, a deal reached with certain institutional buyers, including funds affiliated with BlackRock Inc. and PIMCO.
The settlement resolves two class action lawsuits in New York, in federal and state court, alleging that the bank failed to meet a contractual duty set forth in servicing agreements to require lenders to repurchase or cure delinquent or shoddy home mortgage loans bundled into the securities — which led to heavy...
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