Flood & Flood News Alert
John Flood of Flood & Flood announces a $13,063,526 settlement of his 175 clients’ claims in Davis, et al. v. Wells Fargo Bank, N.A., et al. John’s clients were owners of lots at The Sanctuary at Costa Grande development in Port O’Connor, Texas. The lawsuit was borne out of what the plaintiffs claimed was a tax-evasion scheme by Wells Fargo that resulted in violations of Texas wrongful foreclosure, fraud, and unjust enrichment laws. “My clients were victims of what looked like an effort by the bank to depress the market at The Sanctuary after the 2008 financial crisis to parlay tax advantages built into its acquisition of Wachovia Bank” said Flood. The Plaintiffs released their claims against the bank in exchange for non-monetary and monetary terms valued at $13,063,526.
The case is Civil Action No. 6:11-cv-00047; Mack Davis, et al. v. Wells Fargo Bank, N.A. in the United States District Court for the Southern District of Texas, Victoria Division.