Wells Fargo sued over subprime securities

HSBC, other banks also tied to lawsuit

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.

Most Popular Articles

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please