Pimco sues Wells Fargo over mortgage-backed securities

Pimco sues Wells Fargo over mortgage-backed securities

Investment management firm Pimco has sued Wells Fargo & Co. for allegedly withholding money owed to bond investors to pay its own legal fees. Pimco is seeking a declaratory judgment that Wells Fargo is not entitled to use mortgage-backed securities trust money to fund its defense against noteholder claims that the bank breached its duties as an MBS trustee. Pimco’s lawyers allege that Wells Fargo has improperly reserved about $95 million across 20 MBS trusts.

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