Wells Fargo Sues JPMorgan Over $481M Real Estate Loan Dispute

Wells Fargo (WFC.N) sued JPMorgan Chase (JPM.N) on Monday to recover losses for investors in a $481 million commercial real estate loan that was allegedly based on a fraudulently inflated financial metric.

The lawsuit pits the fourth-largest U.S. bank against the largest, with Wells Fargo accusing JPMorgan of turning a blind eye during due diligence in pursuit of millions of dollars in fees.

Read more at Reuters.