Wells Fargo (WFC) and several other top banks were sued by Phoenix Light SF, which claimed the banks failed to protect investors in their role as trustees of securities backed by home loans that defaulted after the 2008 credit crisis.
HSBC Holdings (HSBC), Bank of New York Mellon (BK) and Deutsche Bank AG (DB) were also included in the lawsuit.
The Irish securities firm accused the banks, in complaints filed earlier this week in Manhattan federal court, of failing to safeguard the interests of investors as required by their contracts. The securities were sold from 2005 to 2007.
