Wells Fargo bid to block FHA suit fails

|About: Wells Fargo & Co. (WFC)|By:, SA News Editor

Wells Fargo (WFC -0.3%) had tried to convince a federal court that 2012's multi-bank mortgage settlement barred the government from suing again over home lending practices, but a three-judge panel says the settlement gives the government the right to pursue further action.

The ruling is likely to increase pressure on the bank to settle a FHA mortgage lawsuit filed in October 2012.