Wells Fargo Agrees To Drop $466M Claim

Law360, New York (May 21, 2008, 12:00 AM EDT) -- Wells Fargo Bank NA has agreed to drop a claim estimated at $466 million against bankrupt Student Finance Corp. after the Chapter 7 trustee successfully made the case that the certificate and note holders had been already been paid in full.

U.S. Bankruptcy Judge Kevin J. Carey signed off on an agreed order regarding Chapter 7 Trustee Charles Stanziale's objection to Wells Fargo's claim.

The order says that Wells Fargo will withdraw its claim against SFC's estate and that any recovery insurer Royal Indemnity Co. gets...
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