1. Wells Fargo and BlackRock Plaintiffs Settle RMBS Trustee Litigation

    Wells Fargo and BlackRock Plaintiffs Settle RMBS Trustee Litigation

    Wells Fargo ( News - Alert ) Bank, N.A., and a group of institutional investors, including funds affiliated with BlackRock, Inc. and PIMCO, announced today that they have reached a settlement that resolves two class action lawsuits in federal and state court related to Wells Fargo's role as trustee for certain residential mortgage-backed securities (RMBS) trusts created more than a decade ago. Under terms of the agreement, Wells Fargo will pay $43 million and Wells Fargo denies the claims in ...

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    1. Consistent with our sound business practices, we believe that we appropriately fulfilled our duties as trustee by performing the responsibilities prescribed in the relevant contracts for these decade-old trusts.
    2. Following more than four years of litigation, including fact and expert discovery, we concluded that this agreement provides a fair and reasonable resolution of the claims.
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