Wells Fargo sued over German finance firm’s losses from crisis
Suffered losses on mortgage-backed securities
Wells Fargo continues to deal with the aftermath of the financial crisis and is facing a new lawsuit from an investor that suffered losses on faulty mortgage-backed securities, according to an article in the Los Angeles Times.
From the article:
German finance firm Commerzbank last week sued Wells Fargo and three other major banks saying they failed to properly oversee mortgage-backed securities created during the peak of the housing bubble, resulting in hundreds of millions of dollars in losses.
The article said the lawsuit was filed on Christmas Eve in a federal court in New York and seeks unspecified damages.