Advisers Rip Wells Fargo's Bid To Turn Tables In MBS Suit

By Jon Hill (October 17, 2017, 9:29 PM EDT) -- The investment advisory affiliates of BlackRock and other financial services firms have blasted a push by Wells Fargo to make them help pay any judgments that the bank may be found to owe the firms' funds in a suit over its handling of 12 residential mortgage-backed securities trusts, saying the bank is bogging down an already-complicated case.

Wells Fargo Bank NA had named the affiliates as third-party defendants in complaints filed in the suit in New York federal court in May, arguing that they should be put on the hook for damages in the underlying suit because they kept the funds...

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