ACUFF V WELLS FARGO | KENTUCKY COURT OF APPEALS VICTORY – INSUFFICIENT TO ESTABLISH WHETHER WELLS FARGO WAS THE HOLDER OF THE ACUFFS’ ORIGINAL NOTE
As the party moving for summary judgment, it was incumbent upon Wells Fargo to demonstrate that there existed no genuine issues of material fact. Steelevest, 807 S.W.2d at 480. We must conclude that the evidence in the record, as it currently stands and viewed in the light most favorable to the Acuffs, is insufficient to establish whether Wells Fargo was the holder of the Acuffs’ original note and thus, the real party in interest at the time the foreclosure action was filed. Because genuine issues of material fact existed, the trial court erred in granting summary judgment.
Wells Fargo Wins OK On $67M Deal In Robosigning Cover-Up
Law360, San Francisco (May 09, 2014, 8:23 PM ET) — A California federal judge on Friday granted preliminary approval to Wells Fargo & Co.’s $67 million plan to exit a derivative stockholder suit accusing the giant’s directors of concealing their alleged lack of cooperation in a federal probe over the bank’s “robosigning” foreclosure practices.
Under the deal, Wells Fargo will put $36.5 million of the settlement toward new lending initiatives in a number of cities hit hard by Wells Fargo’s mass processing of foreclosure paperwork, including $7.5 million to the Stockton, Modesto and Fresno regions of…
BofA, US Bank Investors Push For Class Cert. In RMBS Suit
Law360, New York (May 09, 2014, 5:48 PM ET) — Investors who accuse Bank of America NA and U.S. Bank NA of failing in their role as trustees of residential mortgage-backed securities pools on Thursday urged a New York judge to solidify their proposed class action, saying the banks’ uniform misdeeds warrant class certification.
In oral arguments before U.S. District Judge Katherine B. Forrest, lead investor attorney Deborah Clark-Weintraub Scott+Scott LLP argued that establishing that defective loans in the trusts were having a negative effect on the securities is enough to prove classwide causation.
Citigroup : Someone Forgot To Immunize Citi For Allegedly Lying To CDO Investors
Always remember to put the broadest possible disclaimers of liability into all your marketing documents and contracts. It’s not like anyone is going to read those things anyway, at least not until they’ve already lost $1 billion.
Citigroup Inc. failed to persuade an appeals court to throw out a lawsuit that claims it lied about the riskiness of securities valued at almost $1 billion, as the world’s biggest banks continue to defend against allegations they misled investors in the run-up to the financial crisis…
Citigroup had argued the fraud claim should be dismissed because Loreley hasn’t shown that it relied on bank documents to buy the securities.
The appeals court said that while disclaimers made in “carefully drafted documents executed by sophisticated commercial parties” are usually enough to protect sellers from liability, Citigroup’s disclosures didn’t address the misrepresentations and omissions alleged by Loreley.
Citigroup : JPMorgan examining its relationship with domestic U.S. banks: WSJ
(Reuters) – JPMorgan Chase & Co (>> JPMorgan Chase & Co.) may cut down on its domestic correspondent banking business, as it scans its relationship with several hundred of domestic correspondent banking clients, Wall Street Journal reported, citing people familiar with the matter.
(Reuters) – JPMorgan Chase & Co (>> JPMorgan Chase & Co.)may cut down on its domestic correspondent banking business, as it scans its relationship with several hundred of domestic correspondent banking clients, Wall Street Journal reported, citing people familiar with the matter.
The report cited its sources as saying the bank started the review in January and is examining its relationship with domestic correspondent clients, for which it clears payments and processes other transactions.
JPMorgan has stopped soliciting new business from its few hundred clients and has also stopped accepting new clients until the review is complete, the Journal reported, citing people familiar with the matter.