Wells Fargo resolves derivative and putative class action claims alleging wrongdoing with respect to 272 residential mortgage-backed securities trusts
Clients Wells Fargo Bank, National Association
Jones Day successfully resolved three putative class actions filed by institutional investors in 272 residential mortgage-backed securities (RMBS) trusts. Plaintiffs asserted that Wells Fargo, as trustee for the trusts, violated the Trust Indenture Act, breached contractual obligations under the transaction documents, breached its fiduciary duties to investors, and was negligent. In one case, Jones Day successfully defeated a class certification motion and attempts by plaintiffs to prove their claims through sampling.