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Posted On: January 19, 2010 by Scott Sagaria

Recent Law Suit by California Quake Company

Sacramento Bankruptcy Attorney finds interest in an investment fraud lawsuit...

Other Sacramento Bankruptcy Lawyers may have also read the news sources report that California's state-run earthquake insurer is filed a law suit last week against Wells Fargo & Co.'s Wachovia unit, alleging fraud in connection with a failed $62.3 million investment. The California Earthquake Authority accused Wachovia of unlawfully and recklessly investing funs in a high-risk vehicle tied to subprime mortgage loans. Wells Fargo, which purchase Wachovia in 2008 has denied to allegations and stated that they intend to vigorously defend against this lawsuit.

In August of 2008, one of Wachovia's traders invested $62.8 million of the California Earthquake Authority's money in an investment known as Mainsail II, LLC; an entity consisting mainly of securities back by suprime residential and commercial mortgages. Mainsail was not on the "approved-issuer" list which had previously been drafted by the quake authority, making Wachovia's decision to purchase this security very risky and unauthorized.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento!

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