Wells Fargo and Morgan Stanley Targeted by Law Firm That Reached $8.5 Billion MBS Settlement With BofA
September 28, 2012
Gibbs & Bruns, the law firm representing non-agency MBS investors that reached a precedent-setting settlement with Bank of America, is now targeting Wells Fargo and Morgan Stanley. The law firms clients issued Wells and Morgan Stanley a notice of non-performance last week identifying covenants in pooling and servicing agreements that the servicers have allegedly failed to perform. The holders notice alleges that each of these failures has materially affected the rights of the certificate holders and constitutes an ongoing event of default in the servicers performance under the relevant PSAs, the law firm said. Bank of America received...