The NCUA filed suit against Wells Fargo Bank National Association in an attempt to recover more corporate credit union investment losses by suing trustees. The regulator recently filed suit against Deutsche Bank, U.S. Bank and Bank of America claiming similar legal violations.
“Like other trustees against whom NCUA is pursuing claims, Wells Fargo neglected its statutory and contractual obligations to certificate holders, including the five corporate credit unions,” NCUA Board Chairman Debbie Matz said. “This litigation is intended to hold Wells Fargo accountable for losses caused by that neglect.”
Wells Fargo was a trustee for 27 residential mortgage-backed securities trusts.
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