Wells, Deutsche Bank, RBS To Pay $165M In NovaStar Deal

By Evan Weinberger (March 15, 2017, 1:10 PM EDT) -- Wells Fargo & Co., Deutsche Bank AG and the Royal Bank of Scotland PLC on Wednesday agreed to pay $165 million to settle a class action lawsuit over their underwriting of $7.7 billion worth of mortgage-backed securities issued by bankrupt subprime lender NovaStar.

The proposed settlement, filed in federal district court in Manhattan, requires approval from U.S. District Judge Deborah A. Batts. If that approval is granted, the settlement would resolve long-standing claims from investors, including union pension funds, who allege that Deutsche Bank Securities Inc., RBS Securities Inc. and Wachovia Capital Markets LLC, now Wells Fargo Advisors LLC, lied in...

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