Sovereign Claims Stradley Ronon Botched Taylor Bean Loans

Law360, Los Angeles (June 6, 2012, 9:39 PM EDT) -- Sovereign Bank NA on Tuesday sued Stradley Ronon Stevens & Young LLP in Philadelphia state court, accusing the firm of making errors in the preparation of $200 million in loans to bankrupt subprime lender Taylor Bean & Whitaker Mortgage Corp.

The lawsuit claims Stradley's mistakes prevented Sovereign from recovering its losses after Taylor Bean filed for Chapter 11 in August 2009. Stradley wrongly excluded private investors like Wells Fargo Bank N.A. from Sovereign's security agreements documenting the loans the bank gave to Taylor Bean, the lawsuit...
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