Wells Fargo Dodges Claim In $13M RE Investor Suit

Law360, New York (May 16, 2013, 2:18 PM EDT) -- A Nevada federal judge on Wednesday dismissed a claim of unauthorized mortgage banker activity in a suit filed against Wells Fargo Bank NA by a group of real estate investors that put $13.4 million into properties owned by a convicted Ponzi schemer, ruling that the claim was preempted by federal law.

U.S. District Judge Miranda M. Du ruled that the plaintiffs' third cause of action, alleging that Wells Fargo predecessor Wachovia Bank NA entered into mortgage banking activity in Nevada without obtaining an exemption from the...
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