Wells Fargo RMBS Suit Shouldn't Get Class Cert., Judge Says

Law360, New York (January 19, 2018, 5:09 PM EST) -- A New York federal judge has said that a suit that accuses Wells Fargo Bank NA of failing to properly oversee residential mortgage-backed securities for Royal Park Investments and other investors shouldn’t be allowed to move forward as a class action.

In a Jan. 10 ruling unsealed Friday, U.S. Magistrate Judge Sarah Netburn recommended that the district judge overseeing the case deny RPI’s request to lead a class of aggrieved investors, saying the potentially hundreds of class members had more differences than similarities. If the district judge signs off on the ruling, Wells Fargo could dodge a bullet and investors hurt...

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