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Wells Fargo sued over German finance firm’s losses from crisis

Suffered losses on mortgage-backed securities

Wells Fargo

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.


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