Wells Fargo Sued by New York Over Mortgage-Servicing Pact

Wells Fargo & Co. (WFC) was sued by New York state over the bank’s failure to uphold terms of a $25 billion mortgage-servicing settlement, state Attorney General Eric Schneiderman said today.

Bank of America Corp. (BAC) reached an agreement with New York to implement reforms to ensure that servicing standards are honored, Schneiderman said at a press conference in New York.

To contact the reporter on this story: Christie Smythe in Brooklyn at csmythe1@bloomberg.net

To contact the editor responsible for this story: Mary Romano at mromano6@bloomberg.net

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