Wells Fargo To Get $224M In Babcock Loan Default Suit

Law360, New York (July 24, 2012, 2:28 PM EDT) -- Wells Fargo Bank NA and several funds of defunct investment firm Babcock & Brown LP asked a Texas federal court Monday to approve a $224 million settlement agreement over a $198 million mortgage loan default by a Babcock & Brown fund earlier this year.

The lending giant sued Babcock & Brown and several of its funds in February, saying the $198 million mortgage loan backed by 17 U.S. apartment complexes went into default after the companies failed to make a payment Feb. 10.

The proposed settlement...
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