Wells Fargo settles BlackRock, Pimco MBS trustee class action for $43 million [Reuters]
The Bank of New York Mellon Corporation (BK)
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Source: Reuters
Wells Fargo settles BlackRock, Pimco MBS trustee class action for $43 million | Reuters 8 Min Read (Reuters) - In what appears to be the first class action settlement in a wave of noteholder suits against banks that served as trustees for mortgage-backed securities trusts, Wells Fargo agreed Friday to a $43 million deal to resolve claims by BlackRock, Pimco and other noteholders in 271 trusts that lost nearly $35 billion in the financial crisis. If the proposed settlement is approved by Manhattan State Supreme Court Justice Charles Ramos, shareholders will also receive $70 million from an indemnity fund Wells Fargo reserved to litigate noteholder suits. The question, of course, is what the settlement means in the larger context of MBS investor suits against the trustees they accuse of failing to protect noteholders when problems showed up in the home mortgage loans underlying the securities. As I’ve written, these trustee suits are the last big tranche of MBS litigation by noteholders
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