On the Saturday before trial in April 2013, Mark Molumphy struck a $105 million settlement with Wells Fargo Bank N.A. over its alleged role in a $1 billion Ponzi scheme. Molumphy, a principal at Cotchett, Pitre & McCarthy, had reached a $114 million deal previously with Bank of New York Mellon Corp. But this time was different, he said.
“There was a lot more circumstantial evidence we had to gather with Wells Fargo, and that’s why it settled much later,” he said. “And Wells Fargo knew that, too. They were much more confident in their defense than Bank of New York Mellon was.”
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