Shareholders and robosigning: Is Wells Fargo ruling a portent?


Shareholders and robosigning: Is Wells Fargo ruling a portent?

Shareholders and robosigning: Is Wells Fargo ruling a portent?

This is interesting since all responsible for Foreclosure Fraud are being investigated or sued for some breach of fiduciary duty including LPS for robosigning, whom by the way executed most of the documents…

Alison Frankel-

The big question for the other banks that signed the nationwide foreclosure settlement, though, is whether Illston’s robosigning ruling improves the prospects for shareholder derivative suits against them. JPMorgan Chase, for example, was just hit with a Manhattan State Supreme Court robosigning derivative complaint filed by Robbins Geller, one of the plaintiffs’ firms in the Wells Fargo case. Earlier this month, shareholders in a consolidated derivative class action against Bank of America in Manhattan federal court voluntarily dismissed their robosigning-based case, but said they planned to refile in Delaware Chancery Court. Two derivative suits against Citigroup alleging flawed foreclosure practices were consolidated in Manhattan federal court in December, but the docket indicates no activity since then.

But those banks, according to the plaintiffs’ allegations in the Wells suit, were quicker to renounce robosigning than Wells Fargo. JPMorgan Chase and Ally Financial were the first to halt foreclosures to investigate robosigning allegations, doing so in September 2010. Bank of America followed in October. Wells Fargo was still insisting at the time that its foreclosure practices were sound. According to the shareholder complaint, Wells continued to permit robosigning of foreclosure documents well into 2011, after it told shareholders it was cooperating with the government investigation.


[ipaper docId=81659378 access_key=key-1n0tcfuzlxzaqnhda8bj height=600 width=600 /]


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