Federal Judge Dismisses ERISA Case Against Ocwen Financial Group and Wells Fargo

A federal judge in New York has dismissed a case brought forward by a pension fund, which accused Ocwen Financial Group and Wells Fargo of violating the Employee Retirement Income Security Act (ERISA). The judge ruled in favor of Ocwen and Wells Fargo, stating that the mortgage-backed securities in question did not qualify as plan assets under ERISA. This decision is consistent with an earlier ruling in March 2019, where it was determined that if the mortgages were not considered plan assets according to Department of Labor Regulations, the lawsuit could not proceed. Read More.