Law360, Los Angeles (March 30, 2017, 11:27 PM EDT) -- A New York federal judge on Thursday said Wells Fargo NA must face claims seeking to hold the bank accountable for billions of dollars in claimed investor losses as trustee of residential mortgage-backed securities, saying the investor funds "more than met" the pleading standard.
The 80-page ruling by U.S. District Judge Katherine P. Failla allowed breach of contract and certain other claims to move forward against the San Francisco-based bank, handing a win to such plaintiffs as Blackrock Allocation Target Shares, Royal Park Investments and Phoenix Light SF Limited, among others, in the nearly three-year-old litigation.
The funds allege that as...
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