Wells Fargo Bank : Wells Fargo Mortgage Backed Securities Trust : Mortgage Pass-Through Certificates, Series 2006-AR15 Securities Litigation
On or around 11/29/2010 (Court's order of dismissal)
Filing Date: August 10, 2010
According to the complaint dated August 10, 2010, many of the facts related to the 2006-AR 15 Trust Series of Mortgage Pass-Through Certificates pursuant or traceable to Wells Fargo Asset Securities Corporation's September 20, 2006 Registration Statement, and the accompanying Prospectus and Prospectus Supplement. This action arises from the sale of approximately $400 million in mortgage pass-through certificates pursuant to the Registration Statement. The Certificates were supported by pools of mortgage loans that the parent company or its affiliates originated or purchased.
The Offering Documents contained untrue statements of material fact, or omitted to state material facts necessary to make the statements therein not misleading, regarding: (i) the underwriting standards purportedly used in connection with the origination of the underlying mortgages; (ii) the maximum loan-to-value ratios used to qualify borrowers; and (iii) the appraisals of the properties underlying the mortgages.
On October 19, 2010, the Court issued an order denying the plaintiffs' Motion to Intervene and granted the defendants' motion, thereby dismissing the case with prejudice.
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First Identified Complaint
First Star Bank, et al. v. Wells Fargo Mortgage Backed Securities Trust et al.