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Violation Tracker Individual Record

Company: Wells Fargo Bank N.A.
Current Parent Company: Wells Fargo
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Penalty: $125,000,000
Year: 2011
Date: November 14, 2011
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Secondary Offense: toxic securities abuses
Mega-Scandal: Toxic Securities
Violation Description: Wells Fargo agreed to pay $125 million to settle litigation alleging negligence in the marketing of risky mortgage-backed securities.
Level of Government: federal
Action Type: private litigation
Court: Northern District of California
Civil or Criminal Case: civil
Case ID: 5:09cv1376
Case Name: General Retirement System of the City of Detroit v. The Wells Fargo Mortgage Backed Securities 2006-Ar18 Trust 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)
Link to Archived Court Document:  subscribe to see this data field
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.