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Dale Washington Wins the Case Against Wells Fargo
“I have the best news for the Wells Fargo Victims: Their motion for summary judgment was thrown out with the judge indicating Wells Fargo could not be a holder in due course because they did not pay value for the lease - in fact, they appeared to be nothing but a collector for unnamed note holders.
”The Court's opinion was detailed and thoughtful & I will make the transcript available. We plan to sue Wells Fargo, maybe its attorneys under RICO, Unfair Business Practices, Conspiracy, and malicious prosecution.”
”Defendants successfully resisted Wells Fargo's summary judgment on June 25, 2004, Orange County Superior Court, case 03CC08262. In denying Wells Fargo's contention that it was a holder in due course, the court pointed out that Wells Fargo had not proven that they paid value for the securities, and cited Wells Fargo's contention that they were an indentured trustee, a servicing agent who was paid a fee for administering the (lease backed) trust (as opposed to a purchaser of securities for value). The court also commented that it appeared Wells Fargo was a mere collector for note holders, who had not addressed evidence that the underlying lease transaction had never been funded.
“Despite this setback, Wells Fargo is continuing its scorched earth litigation against defrauded lessees. I will provide leasing news a copy of the court transcript later this week.”
Dale Washington
Attorney
714 593-2317
(Leasing News has written about leases assigned to Terminal Marketing of New York ( no longer in business ) who never paid the vendor, and often the broker, but sold the lease to Wells Fargo. Often, Terminal Marketing was making the monthly payments until they went out business. As long as they were adding more leases, the discounted transaction created money to make the payments. When the leasing world turned around, those companies who were playing this game, got caught as the income was notenough to continue to make the payments plus pay for current transactions, including broker fees. It was Wells Fargo's position, according to the attorney's involved, that those who referred the lease were financially responsible, even though they never received any remuneration or were involved in the scheme.
Their "hell and high water" claim, especially in the State of New York, made the referrer of the lease as responsible as the funder of the lease. In California, Dale Washington is defending some of those who are claimed "responsible" for the financial liability and here he explains the defense he is taking against Wells Fargo, who he also believes isguilty of not doing their "due diligence." Editor)
To see the original story, please go here: http://www.leasingnews.org/#wells
(As noted in the original story, Wells Fargo does not comment on cases in litigation.editor.)
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