Class Action News

Brussels Group Sues Wells Fargo Bank,
Alleging $740 Million Loss on RMBS Trusts

Dec. 15, 2014, 5:00 AM

Belgian investors Dec. 11 sued Wells Fargo Bank N.A., saying the bank breached its duty as trustee for residential mortgage-backed securities trusts and blaming it for $740 million in losses (Royal Park Investments SA/NV v. Wells Fargo Bank N.A., S.D.N.Y., 14-cv-09764, complaint filed 12/11/14).

Royal Park Investments SA/NV, a Brussels-based investment group, filed the suit in the U.S. District Court for the Southern District of New York, claiming Wells Fargo breached agreements governing two trusts.

RPI, which seeks to represent a class of investors, also alleged breach of the bank’s common-law duties and violations of the Trust Indenture...

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