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Personal Injury & Torts

Mar. 20, 2010

Banks Blame Economy To Fend Off Securities Lawsuits

Wells Fargo, fighting claims it misrepresented risks involved in the sale of $67.5 billion in mortgage-backed securities, point to the faltering economy.

By Rebecca Beyer

Daily Journal Staff Writer

SAN FRANCISCO - Attorneys for Wells Fargo, in an effort to fight off claims that the bank misrepresented the risks to investors who purchased $67.5 billion in mortgage-backed securities, are making what has become a common argument in the cascade of credit crisis-related cases moving through the judicial system: It's the economy, stupid.

New filings stemming from the credit crisis...

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