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November 2, 2012

Wells Fargo Seeks to Dismiss Mortgage-Suit

 

Wells Fargo & Co. asked a federal judge on Thursday to dismiss a lawsuit filed by the government last month, which sought hundreds of millions of dollars for “reckless” lending under a government mortgage program, arguing that a previous legal settlement with the U.S. had resolved those claims.

Wells settled allegations of mortgage-related abuses in a $5 billion accord with 49 state attorneys general and a host of federal agencies in a deal approved in April by a federal judge in Washington.

As a result, Wells said the claims alleged in last month’s lawsuit, filed by the U.S. attorney’s office in Manhattan, should be barred and that the U.S. had violated the terms of the April settlement.

Read Nick Timiraos’ full Wall Street Journal article here

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