Cases & Deals

Wells Fargo defends lawsuit brought by ERISA plan trustees relating to RMBS trusts

Clients Wells Fargo Bank, National Association

Jones Day is representing Wells Fargo Bank, National Association in a complaint filed by certain ERISA plan trustees against numerous defendants related to the servicing of securitized mortgage loans.

Certain ERISA plan trustees sued Wells Fargo Bank, N.A., alleging breach of fiduciary duty in overseeing RMBS trusts' mortgage loan servicers. The complaint alleges that the securitized mortgage loans are assets of the ERISA plan, making Wells Fargo a fiduciary based on its role in overseeing the servicer's conduct.

Powell, et al. v. Ocwen Financial Corporation, et al., No. 1-18-cv-01951 (S.D.N.Y.)