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Violation Tracker Individual Record

Company: Wells Fargo & Co.
Current Parent Company: Wells Fargo
Penalty: $55,000,000
Year: 2019
Date: March 13, 2019
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Secondary Offense: investor protection violation
Mega-Scandal: Toxic Securities
Violation Description: Wells Fargo, Deutsche Bank and Royal Bank of Scotland agreed to pay a total of $165 million to settle litigation relating to their underwriting of mortgage-backed securities issued by bankrupt suprime lender NovaStar. Court documents did not specify how much each would pay. Here we assume they each paid an equal share.
Level of Government: federal
Action Type: private litigation
Court: Southern District of New York
Civil or Criminal Case: civil
Case ID: 1:08cv5310
Case Name: New Jersey Carpenters Health Fund v. The Royal Bank Of Scotland Group, Plc et al
Private Lawsuit Resolution Type: settlement
HQ Country of Current Parent: USA
HQ State of Current Parent: California
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Link to PACER Case Docket (must be logged in): (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.