US Bank Can't Keep Mortgage Fee Suit In Calif. Federal Court

Law360, Philadelphia (August 17, 2012, 8:19 PM EDT) -- U.S. Bank NA lost its bid Friday to keep in federal court a putative class action filed on behalf of Pennsylvania's counties seeking unpaid filing fees for securitized mortgages, as a judge ruled the bank hadn't proven that the amount in controversy exceeds the threshold for federal jurisdiction.

U.S. District Court Judge Cynthia Reed Eddy ruled that U.S. Bank’s damage estimates in the case, which centers on fees the bank allegedly failed to pay on securitized residential mortgages, were based largely on speculation.

“U.S. Bank has...
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