Wells Fargo Can't Escape Flood Insurance Policy Suit

Law360, Chicago (January 10, 2013, 5:22 PM EST) -- A California federal judge on Wednesday trimmed homeowners' putative class claims against Wells Fargo NA and dismissed Fannie Mae and Assurant Inc. as defendants in the suit over flood insurance purchase practices, but refused to allow Wells Fargo off the hook completely.

Plaintiffs Stanley and Patricia Cannon are challenging Wells Fargo's practices regarding what they call its forced purchase of flood insurance for borrowers whose home loans are owned by Fannie Mae and serviced by Wells Fargo. Assurant subsidiaries allegedly sold the flood insurance, which Wells...
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