Wells Fargo Settles $28M Swaps Suit Against Capmark

Law360, Wilmington (August 23, 2013, 9:20 PM EDT) -- Capmark Financial Group Inc. asked a Delaware bankruptcy judge Friday to bless a settlement resolving a $28 million suit brought by Wells Fargo Bank NA over swaps deals that went south when the mortgage lender entered court protection in 2009.

Wells Fargo terminated the swaps transactions in the wake of the bankruptcy filing and eventually launched an adversary suit asserting damages of more $27.8 million, with Capmark countering that the actual figure is no greater $3.8 million.

Capmark and Wells Fargo subsequently “engaged in arm’s-length negotiations...
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