Corporate
Mar. 22, 2010
Judge Mulls Wells Fargo's Role in Valuing Securities
A U.S. dismissed defense arguments the economic downturn is to blame for losses experienced by investors who purchased $67.5 billion worth of mortgage-backed securities from Wells Fargo, she indicated plaintiffs' claims against the bank may not be sufficient.
Daily Journal Staff Writer
SAN FRANCISCO - Even as a federal judge dismissed defense arguments that the economic downturn is entirely to blame for losses experienced by investors who purchased $67.5 billion worth of mortgage-backed securities from Wells Fargo, she indicated plaintiffs' claims against the bank may not be sufficient.
Investors claim Wells Fargo misrepresented the loan underwriting standards u...
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