New York AG Tells Bank of America and Wells Fargo: Not So Fast

A pending lawsuit against Bank of America (NYSE: BAC  ) and Wells Fargo (NYSE: WFC  ) shows they aren't off the hook just yet for the robo-signing scandal. Over the weekend, the New York state attorney general said he will announce new enforcement actions against the banks as part of his effort to "protect New York homeowners." The suits purportedly allege that the banks violated a $25 billion nationwide settlement that they entered into last year with lawmakers in 49 states and the federal government. In the following video, Motley Fool contributing writer John Maxfield discusses what this means for investors in the two megabanks.

Wells Fargo's dedication to solid, conservative banking helped it vastly outperform its peers during the financial meltdown. Today, Wells is the same great bank as ever, but with its stock trading at a premium to the rest of the industry, is there still room to buy, or is it time to cash in your gains? To help figure out whether Wells Fargo is a buy today, download our premium research report from one of The Motley Fool's top banking analysts. Click here now for instant access to this in-depth take on Wells Fargo.


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  • Report this Comment On May 07, 2013, at 6:15 PM, Teacherman1 wrote:

    The problem with New York attorney general's is that they are always running for a higher office.

    The easiest way to get attention is to file a lawsuit against a big bank.

    Enough already.

    Sorry for venting.

    JMO and worth exactly what I am charging for it.

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