September 5, 2017 / 8:41 PM / 3 months ago

Lawsuit says Wells Fargo wrongly used trust funds for legal fees

Brussels-based Royal Park Investments has filed a class action against Wells Fargo Bank accusing it of illegally using funds from a residential mortgage-backed securities trust to defend itself against litigation.

Filed on Friday in Manhattan federal court, the lawsuit seeks actual and punitive damages for hundreds of investors in two trusts overseen by Wells Fargo, alleging that the bank siphoned off trust funds for legal fees that only benefit the bank.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2eIUPpG

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