Wells Fargo Wants Key BlackRock Info In $1B Mortgage Action
Law360, New York (October 28, 2016, 5:55 PM EDT) -- Residential mortgage-backed securities trustee Wells Fargo urged a Manhattan judge Friday to order BlackRock Funds and other big investors suing it for more than $1 billion over faulty mortgage bundles to turn over their own internal modeling techniques, saying the information will undercut their case.
U.S. Magistrate Judge Sarah Netburn held off on a ruling after initially expressing an inclination not to grant the bank's request.
"I think this information is highly proprietary — akin to a trade secret," she said.
Plaintiffs BlackRock, DZ Bank AG, Kore Advisors LP, PIMCO, Prudential, Sealink Funding Ltd. and TIAA-CREF accuse the bank in a...
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