Wells Fargo Puts Insurer's MBS Fraud Suit To Rest

Law360, New York (February 8, 2012, 7:24 PM EST) -- Wells Fargo Bank NA has settled a lawsuit that accused it and other banks of lying about the quality of loans pooled in mortgage-backed securities they sold, an attorney for plaintiff Union Central Life Insurance Co. said Wednesday.

“Yesterday we reached a settlement with them through the mediation process,” Steven W. Pepich of Robbins Geller Rudman & Dowd LLP said at a case status conference in Manhattan before U.S. District Judge George B. Daniels.

Pepich later told Law360 that the terms of the settlement are confidential....
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.