Just months after Wells Fargo Bank N.A. agreed to a $5 billion settlement over allegations of abusive practices in the home mortgage arena, federal prosecutors in New York brought a new civil fraud action against the bank, seeking hundreds of millions of dollars.
Lawyers for Wells Fargo, represented by a team that included Fried, Frank, Harris, Shriver & Jacobson, cried foul, saying the bank had resolved liability in the earlier deal, in April 2012, with the U.S. Justice Department and state attorneys general. The bank’s attorneys urged a federal trial judge in Washington to declare that the government violated its part of the deal.
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