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Justice Department's lawsuit against Wells Fargo still moving forward

Mortgage News > Justice Department's lawsuit against Wells Fargo still moving forward
Date: 02/13/2013    Justice Department's lawsuit against Wells Fargo still moving forward

Wells Fargo contested a lawsuit filed against them by the Justice Department in weeks passed on the grounds that the newly filed suit violated terms of a previously settled case. 

The Justice Department is “seeking damages and penalties for more than 10 years of alleged misconduct related to government-insured Federal Housing Administration loans” as reported by Reuters. Wells Fargo proclaims such a suit falls under the jurisdiction of its settled case that states in a sense their slate has been “wiped clean”, as the bank put it, as far as their conduct in dealing with FHA loans.

The federal judge overseeing the $25 billion multibank settlement in question, District Judge Rosemary Collyer in Washington, ruled against Wells Fargo’s plea stating the grounds laid in the settlement do “not have the meaning ascribed to it by Wells Fargo."
 

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