"SAN FRANCISCO--(BUSINESS WIRE)-- Wells Fargo 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."
The agreement, which is subject to approval by the court, resolves claims regarding the fulfillment of Wells Fargo’s duties as trustee — including providing certain notifications to certificateholders — for 271 RMBS trusts created between 2004 and 2008. Wells Fargo’s duties were limited to administering the trusts, and it had no role in the origination or servicing of the mortgages at issue. The agreement resolves a significant portion of the claims asserted against the company in connection with its role as trustee for RMBS trusts. Separate lawsuits filed by certain other institutional investors concerning 58 trusts are not covered by the agreement.
Market Data 
Markets 
AI
