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Wells Fargo, BlackRock plaintiffs settle RMBS litigation

Nov. 12, 2018 7:16 AM ETWells Fargo & Company (WFC) StockBy: Liz Kiesche, SA News Editor
  • Wells Fargo Bank, N.A., (NYSE:WFC) and a group of institutional investors, including funds affiliated with BlackRock (BLK) and Pimco, reach a settlement that resolves two class action lawsuits related to Wells Fargo's role as trustee for certain residential mortgage-backed securities trusts created more than 10 years ago.
  • Wells Fargo will pay $48M and denies claims in the litigation.
  • Separate from the settlement amount the company is paying, up to $70M from certain trust reserve accounts established in connection with the litigation will be released.
  • The settlement also resolves a related action seeking declaratory relief against Wells Fargo, as well as claims by Wells Fargo against certain investment advisers.
  • Federal and state cases alleging similar claims filed by certain other institutional investors aren't part of the settlement.
  • Previously: Wells Fargo gets regulatory warning from OCC: WSJ (Nov. 7)

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