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.”

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]