Wells Fargo is among the most sued Companies in America
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"Banks with sizable mortgage exposure, such as Wells Fargo (WFC: 33.41, +0.99, +3.05%), Ally Financial/GMAC and Bank of America (BAC: 14.30, +0.56, +4.08%), are among the companies with the highest number of lawsuits.
Citigroup (C: 4.89, +0.07, +1.45%), Goldman Sachs (GS: 165.28, +1.64, +1.00%) and Morgan Stanley (MS: 29.96, +0.56, +1.90%) all have much lower lawsuit totals than Wells, BofA and Ally. US Bancorp (USB: 27.64, +0.64, +2.37%), has a large exposure to securitizations, but has “managed to keep its litigation profile the lowest of all large banks,” says IRA.
Scary data point here for the banks: The IRA notes that mortgage lawsuits “are not asbestos cases..which typically get settled for less than $10,000 in pre-trial settlements,” but can “rise to more than $1 million in settlement costs if they go to trial.”
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Submitted by Ed Cage | email@example.com