Judge: Wells Fargo must face litigation on defective mortgages

Judge: Wells Fargo must face litigation on defective mortgages

A federal judge has ruled that Wells Fargo & Co. must face litigation seeking to hold it responsible for billions of dollars of claimed investor losses stemming from its alleged failures as a trustee overseeing risky residential mortgage-backed securities. The ruling means that the plaintiffs in the case, including a few dozen funds from BlackRock Inc., Pacific Investment Management Co., Prudential Financial Inc. and TIAA-CREF, may pursue breach of contract and conflict of interest claims related to 53 trusts.

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