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Securities

Jul. 21, 2011

Mortgage-backed securities cases wind their way through system

Wells Fargo & Co.'s $125 million settlement of a lawsuit claiming it misrepresented the risk of its mortgage-backed securities is being viewed as a benchmark.


By Jill Redhage


Daily Journal Staff Writer


When Wells Fargo & Co. agreed earlier this month to pay $125 million to settle investors' accusations it lied about the risks of its mortgage-backed securities, it set the stage for how more than a dozen similar lawsuits might be resolved.


The case is the first federal class action filed by direct purchasers of the troubled securities to settle since the subprime mortgage meltdown began, indus...

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