Wells Fargo & Company

Equities

WFC

US9497461015

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01:24pm	Appeals Court Reinstates $10 Billion Bank Lawsuit Over Judge's Financial Conflict, Reports Say	MT
11:31am	Jefferies Adjusts Price Target on Wells Fargo & Co. to $64 From $62, Maintains Hold Rating	MT

WELLS FARGO : Comments on Massachusetts Supreme Court Ruling

January 08, 2011 at 03:15 am IST

MarketScreener.com By

In response to the Massachusetts Supreme Court ruling today, Wells Fargo & Company (NYSE:WFC) issued the following statement.

The loans at issue in the court's ruling were not originated, owned, serviced or foreclosed upon by Wells Fargo. As trustee of a securitized pool of loans, Wells Fargo expects the entities who service these loans to abide by all applicable state laws, including those laws that govern foreclosure sales.

Wells Fargo believes the court's ruling does not prevent foreclosures on loans in securitizations. The court simply set forth a standard legal process that mortgage servicers must follow in Massachusetts.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked #19 on Fortune's 2009 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.

Wells Fargo & Company
Vickee Adams, 515-213-4610 (Media)
Jim Rowe, 415-396-8216 (Investors)

Latest news about Wells Fargo & Company

Appeals Court Reinstates $10 Billion Bank Lawsuit Over Judge's Financial Conflict, Reports Say	04:54pm	MT
Jefferies Adjusts Price Target on Wells Fargo & Co. to $64 From $62, Maintains Hold Rating	03:01pm	MT
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Investors to Focus on Banks' Earnings, Loan Growth in Second-Quarter Results, RBC Says	02/07	MT
Raymond James Adjusts Price Target on Wells Fargo & Co. to $69 From $67, Maintains Strong Buy Rating	02/07	MT
HSBC Adjusts Price Target on Wells Fargo & Co. to $62 From $60, Keeps Hold Rating	02/07	MT
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Evercore ISI Adjusts Price Target on Wells Fargo & Co. to $70 From $69, Keeps Outperform Rating	25/06	MT
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Goldman Sachs Adjusts Price Target on Wells Fargo & Co. to $71 From $69, Keeps Buy Rating	14/06	MT
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Wells Fargo Fires Over 12 Employees For Allegedly Faking Work	13/06	MT
Wells Fargo Fires Over 12 Employees for Allegedly Faking Work, Bloomberg Reports	13/06	MT
Wells Fargo fires more than dozen employees for allegedly faking work, Bloomberg News reports	13/06	RE
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Company Profile

Wells Fargo & Company is a leading American banking group. The Net Banking Product (before intra-group eliminations) breaks down by activity as follows: - retail and commercial banking (57,9%): sales of standard and specialized banking products and services (mortgage lending, real estate credit, consumer credit, insurance, etc.); - finance, investment, and market banking (22,9%); - profit management, brokerage, and pension fund management (19.2%). At the end of 2020, the group had USD 1,404.4 billion in current deposits and USD 887.6 billion in current loans.

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