Wells Fargo

News & Analysis as of

ResCap’s Claims Against Mortgage Originators in Minnesota Will Proceed

On November 12, Judge Susan Richard Nelson of the United States District Court for the District of Minnesota declined to dismiss claims by the Residential Capital LLC (ResCap) bankruptcy trust against six mortgage...more

California Court Holds Mechanic’s Lien Claimants Entitled to Pre-Judgment Interest of 7 Percent, Not 10 Percent, Against...

Under California Civil Code (CC) Section 3289, a mechanic’s lien claimant may obtain pre-judgment interest against contracting property owners calculated at 10 percent per annum from the date of breach. In Palomar Grading &...more

Act 6/91 Update

The Pennsylvania Superior Court issued an opinion that sets forth a new interpretation of Act 6. It may adversely impact some pending consumer foreclosure actions, and it changes the notice requirements on subsequent...more

California Appellate Court Rejects Class Action Settlement Due to Excessive Attorney Fees

Pigs get fat and hogs get slaughtered, so the saying goes. As we’ve noted before on Oct. 7, June 5, and Dec. 18, courts are starting to examine attorney fee awards in class action settlements much more closely, and the...more

A Royal Fan Responds: Russ Berland on the SEC Financial Report for FY 2014

Ed. Note-today we have a guest post from KC Royals fan and Stinson Leonard Street partner Russ Berland. As a Kansas City Royals fan, I would like to use this opportunity to congratulate the Royals on a great season...more

UDAAP Council Weekly UDAAP Standards Report - 10/29/2014

Every week, courts around the United States issue decisions addressing aspects of civil UDAAP claims. In an effort to illuminate the UDAAP standards, below is a sampling of some of this week’s UDAAP decisions on the...more

Stay Relief: What Happens to “Unreasonable” Fees?

Wells Fargo Bank, N.A. v. 804 Congress, L.L.C. (In re 804 Congress, L.L.C.), 756 F.3d 358 (5th Cir. 2014) – After an oversecured creditor obtained relief from the automatic stay and foreclosed on some property, the...more

Wells Fargo Compliance Officer Charged With Altering Document

The acquisition of Burger King by 3G Capital Partners is the matter that just keeps on giving – at least for SEC enforcement. Initially, the Commission brought an action against Wells Fargo broker Waldyr Da Silva Prado Neto,...more

Just When You Thought You Were Out, They Pull You Back In

It is a rare occasion for a secured lender to foreclose on collateral with a value in excess of the entire debt owed, particularly following a bankruptcy filing by the borrower, but on that rare occasion the lender should...more

Alice in Wonderland: The Ongoing Impact of Alice Corp. v. CLS Bank Int’l on Computer-Implemented Inventions

On June 19, 2014, the U.S. Supreme Court issued a unanimous decision in Alice Corp. v. CLS Bank Int’l (Alice)[i]. In Alice, the Court held that several patents that pertained to a computerized platform for eliminating risk...more

SEC Charges Wells Fargo Analyst, Trader With Insider Trading

Analysts reports frequently move the market and are thus considered inside information prior to publication. That is the predicate for an SEC administrative proceeding which charges a Wells Fargo analyst and trader with...more

Wells Fargo Admits Violating Law, Pays SEC $5 Million Penalty

Wells Fargo was named by the Commission in a proceeding for failing to establish, maintain and enforce policies and procedures to prevent the misuse of inside information. The firm added to its difficulties during the...more

Wells Fargo Settles EEOC Same-sex Sexual Harassment Lawsuit for $290,000

Bank Will Pay Four Females Who Alleged Female Manager Sexualized Workplace - RENO, Nev. - Wells Fargo Bank, N.A. will pay $290,000 to four female bank tellers and furnish other relief to settle a sexual harassment...more

Mary Mcnulty Quoted On Court Of Federal Claims Decision In Interest Netting Case

Mary McNulty was quoted in a Tax Notes Today article (subscription required) on the Court of Federal Claims decision in Wells Fargo. In Wells Fargo, the Court of Federal Claims found that a taxpayer may net underpayment...more

Main Street Cashes $3.1 Billion in Checks from Wall Street

With the mortgage crisis almost a decade in the rear-view mirror, some harmed homeowners are just now starting to see reparations for the transgressions of the country’s largest financial institutions. ...more

Six Months in Review: Florida Case Law

Florida has witnessed developments in three areas of mortgage foreclosure litigation already this year. The opinions offered by various courts of appeal have come at a time when litigants crave guidance more than ever, but...more

When the Minimum is Not Enough: Eleventh Circuit Rules that Lenders May Require Borrowers to Obtain More than the Minimum Flood...

The United States Court of Appeals for the Eleventh Circuit recently resolved a district court split regarding minimum flood insurance coverage by holding that a lender may require a borrower who has a federally-insured...more

Credit Crunch Digest

This issue of the Credit Crunch Digest focuses on ongoing civil lawsuits and regulatory investigations into Libor manipulation by large banks, including the possible imposition of new criminal penalties by U.K. authorities...more

Court of Federal Claims: Merged Corporations are the Same Taxpayer for Interest Netting

In Wells Fargo, the Court of Federal Claims held that a taxpayer may net underpayment balances and overpayment balances among merged entities under Section 6621(d). Section 6621(d) provides that, to the extent the “same...more

Texas Supreme Court weekly orders (6/14)

In its order list for June 20, 2014, the Texas Supreme Court issued opinions in eight cases and granted review in one case. In this post, I will summarize the opinions in four cases, and also describe the case in which the...more

Eleventh Circuit Rejects “Intended Recipient” Interpretation of TCPA’s “Called Party” Language

The Eleventh Circuit recently ruled that the TCPA’s prohibition on prerecorded calling applies to wireless numbers that have been reassigned from a consenting subscriber to a new, presumably nonconsenting one, regardless of...more

UPDATE on Breslow v. Wells Fargo – Same as the Old Boss: Eleventh Circuit Withdraws Opinion Just Four Days Later, But to Little...

Just a few days ago, we reported on the Eleventh Circuit’s decision in Breslow v. Wells Fargo, which reaffirmed precedent that strict liability can arise in autodialer, prerecorded-message and texting suits under the...more

Summertime Blues: Eleventh Circuit Doubles Down on Strict TCPA Liability for Texts and Autodialed and Prerecorded Calls to Cell...

Over the Spring, we reported on how the Eleventh Circuit’s decision in Osorio v. State Farm brought that court into alignment with the Seventh Circuit on how restrictions in the Telephone Consumer Protection Act (TCPA) on...more

California Federal Court Allows City’s Fair Housing Case To Proceed

On May 28, the U.S. District Court for the Central District of California held, without addressing the merits, that the City of Los Angeles has standing to pursue Fair Housing Act and restitution claims against a mortgage...more

Court Approves FLSA Settlement that Extinguishes Related State Law Claims

When an employer settles a collective action lawsuit under the Fair Labor Standards Act (FLSA), may the settlement agreement also include a release of any rights to overtime pay which the plaintiffs may have under state law?...more

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