SEC Told To Seek Wells Fargo MBS Docs Outside Court

Law360, New York (March 30, 2012, 3:26 PM EDT) -- The U.S. Securities and Exchange Commission must meet with Wells Fargo & Co. outside of court to resolve a dispute over document requests in the agency’s mortgage-backed securities probe, a California federal judge said Thursday.

The decision by U.S. Magistrate Judge Laurel Beeler was a setback for the SEC, which launched an enforcement action March 23 demanding that the bank comply with six subpoenas issued between September and February. The agency has been investigating since November 2010 whether the bank lied about the quality of loans pooled...
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