Wells Fargo

News & Analysis as of

District Court Applies Supreme Court’s Inclusive Communities Decision in Rejecting Disparate Impact Claim

On July 17, the U.S. District Court for the Central District of California granted summary judgment for Wells Fargo in a Fair Housing Act (FHA) case brought by the City of Los Angeles. City of Los Angeles v. Wells Fargo &...more

NC Court of Appeals Weighs in on Multiple Creditor’s Rights Issues

The NC Court of Appeals has issued a number of opinions this year involving lender foreclosure or collection efforts. Not all of the holdings have been monumental, but there is a common thread of useful principles,...more

Corporate Resource Services, Inc. and Seven Affiliates File Chapter 11 Petitions As Part of Ongoing Wind Down

On July 23, 2015, Corporate Resource Services, Inc. and 7 affiliates filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the District of Delaware. The cases are docketed as case no. 15-11546, and...more

Court Of Chancery Explains The Continuing Wrong Doctrine

It is settled law that a cause of action accrues when the wrong is committed, not when its effects continue to be felt in the future. But as this decision makes clear, that is not always the case. When additional wrongdoing...more

Repurchase Action Against Natixis Real Estate Holdings, LLC Survives Motion to Dismiss

On July 1, Justice Marcy Friedman of the Supreme Court of New York for New York County denied Natixis Real Estate Holdings, LLC’s (“Natixis”) motion to dismiss a repurchase action brought by Wells Fargo Bank, N.A., and...more

Bridging the Week - July 2015 #2

Alleged Fictitious Sales to Facilitate Improper Money Pass Prompts CFTC Injunctive Action and Asset Freeze: The Commodity Futures Trading Commission filed a lawsuit in a federal court in Illinois against Yumin Li and Kering...more

This Week In Securities Litigation

The Ninth Circuit upheld a conviction for illegal tipping, following Dirks but raising doubt regarding its adherence to Newman in an opinion authored by Judge Rakoff, sitting by designation. The Commission filed settled...more

Focus on Tax Controversy and Litigation - Supreme Court Decides Maryland v. Wynne and Rules that Maryland Tax Scheme Is...

In This Issue: - Maryland’s Tax Scheme Ruled Unconstitutional - “FTC Generator” Case Update - FSA Rules that Equitable Disgorgement May be Deductible Expense - District Court Upholds Attorney Client...more

Appellate Courts + STOLI = Mixed Results

In recent years, federal district courts addressing claims and defenses with respect to stranger-originated life insurance (STOLI) schemes have reached a variety of results. Accordingly, federal appellate courts have...more

When Is Face-To-Face Not Face-To-Face Enough? Wells Fargo Bank, N.A. vs. Cook and 24 C.F.R. 203.604(b)

According to 24 C.F.R. 203.604(b), a “mortgagee must have a face-to-face interview with the mortgagor, or make a reasonable effort to arrange such a meeting, before three full monthly installments due on the mortgage are...more

CleanEdge U.S. Clean Tech Index – Which Cities and States Are Clean Energy Leaders

On Tuesday, June 2, CleanEdge, in association with Wells Fargo and the Massachusetts Clean Energy Center among others, released its annual U.S. Clean Tech Leadership Index. The Index uses a diverse set of industry indicators...more

Wells Accused of Profiting from Foreclosure Relief Program

A recent class action lawsuit filed on behalf of thousands of homeowners in New York against Wells Fargo alleges that while the bank received $25 billion in government bailout funds it failed to make a good faith effort to...more

Florida’s 3rd DCA Reverses Dismissal Based on the Technical Admission

Florida’s Third District Court of Appeals reversed the involuntary dismissal of Wells Fargo Bank, N.A.’s (“Wells Fargo”) foreclosure action against borrower, Melissa Donaldson (“Donaldson”), ruling that it was an abuse of...more

Mortgage Servicers Can Submit Proof of Standing after Filing Complaint, Says Ohio Supreme Court

In Wells Fargo Bank, N.A. v. Horn, the Ohio Supreme Court held “that the plaintiff in a foreclosure action must have standing at the time it files its complaint. But…the plaintiff [is not required to] submit proof of standing...more

Court of Appeals Holds Plaintiff Stated Claim for Void Mortgage Based on Allegations of Improper Notarization

In Etta Lowery v. Wells Fargo Home Mortgage, No. 2131060, 2015 WL 1525153 (Ala. Civ. App. Apr. 3, 2015), the Alabama Court of Civil Appeals reversed the trial court’s judgment on the pleadings entered in favor of...more

Financial Regulatory Developments Focus - April 2015

In this issue: - US Banking Agencies Issue FAQs on the Regulatory Capital Rule - US Banking Agencies Permit Wells Fargo to Begin Using Advanced Approaches Framework - Regulation on Reporting of...more

UDAAP Council Weekly UDAAP Standards Report - 4/1/2015

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 meaning...more

Locke Lord QuickStudy: Texas Supreme Court Authorizes Attorney Fees’ Awards in Home Equity Cases

On Friday, February 6, 2015, the Texas Supreme Court issued its decision in Case No. 13-0236, Wells Fargo Bank, N.A. v. Murphy, and held that the Texas Constitution’s prohibition against non-recourse home equity loans, see...more

Invalidating a Patent on a Motion to Dismiss Is Proper - Content Extraction and Transmission LLC v. Wells Fargo Bank

The U.S. Court of Appeals for the Federal Circuit did not find the patentee’s infringement suit to be objectively baseless, notwithstanding that the underlying patent was found invalid at the pleadings stage under §101. ...more

Indiana Court of Appeals Reverses “E-Mortgage” Decision

The Indiana Court of Appeals reversed and remanded for further proceedings a trial court’s grant of partial summary judgment and held that because the plaintiff did not show that it controlled the electronic mortgage note...more

Phoenix Light Sues Five RMBS Trustees Over $2.4 Billion in RMBS

On December 23 and 24, Phoenix Light SF Limited and other RMBS certificateholders filed suit against HSBC, Wells Fargo, Deutsche Bank, Bank of New York Mellon, U.S. Bank, and Bank of America in the United States District...more

NCUA Sues Wells Fargo for Allegedly Failing to Comply with RMBS Trustee Duties

On December 22, National Credit Union Administration sued Wells Fargo, as an RMBS trustee, in the United States District Court for the Southern District of New York. NCUA filed the suit in its capacity as liquidating agent...more

ERISA: 4th Circuit: When Is A Plan Administrator Obligated To Obtain Medical Records?

You already know that the primary responsibility for providing medical proof of disability undoubtedly rests with the claimant. But does the plan administrator sometimes have an obligation to obtain medical records and...more

Content Extraction and Transmission, LLC vs. Wells Fargo Bank (Fed. Cir. 2014)

Patentee Content Extraction and Transmission (CET) owns U.S. Patent Nos. 5,258,855 (the '855 patent), 5,369,508 (the '508 patent), 5,625,465 (the '465 patent), and 5,768,416 (the '416 patent). The '508, '465, and '416...more

Bridging the Week - December 2014 #4

ESMA Publishes Implementing Rules for MiFID II - The European Securities and Markets Authority issued its final technical advice and initiated a consultation regarding proposed regulatory and technical standards...more

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