This case was last updated from U.S. District Courts on 12/06/2021 at 06:50:58 (UTC).

Wells Fargo Bank, N.A. v. Vision One Mortgage, Inc.

Case Summary

On December 3, 2021, Wells Fargo Bank, N.A. (“Wells Fargo” or “Plaintiff”), represented by Adam J. Pabarcus of Faegre Drinker Biddle & Reath LLP, filed a contract lawsuit against Vision One Mortgage, Inc. (“Vision One” or “Defendant”), seeking compensatory relief plus prejudgment interest, and costs for the alleged material breach of the settlement agreement by refusing to honor its obligation. This case was filed in the U.S. District Court in the District of Minnesota. 

 

In the complaint, Plaintiff alleged that, “Vision One violated its representations and warranties by selling to Wells Fargo at least three mortgage loans that did not have the required characteristics. Vision One further breached its contractual obligations by refusing to repurchase and/or indemnify Wells Fargo for its losses on those loans and to indemnify Wells Fargo for certain losses, costs, and expenses that Wells Fargo incurred. Vision One also refused to pay fees due to Wells Fargo with respect to other transactions under the terms of the parties’ contract.”

 

Plaintiff further alleged that, “To avoid the uncertainty and costs of litigation, the parties entered into a settlement agreement that they fully executed on July 27, 2021. Under the terms of the settlement agreement, Vision One agreed to repurchase the three loans over a three-month period at a discounted price, and Wells Fargo agreed to waive the early payoff fees. Payment for the first loan that Vision One agreed to repurchase was due on July 26, 2021. But because Vision One did not execute the settlement agreement until after the first scheduled payment, the parties amended the settlement agreement.” 

 

Plaintiff also alleged that, “The parties entered into a first amended settlement agreement on August 10, 2021. The only term the parties amended was the payment schedule for Vision One repurchasing the three loans. Vision One repurchased two of the loans. Vision One has refused to repurchase the third loan. The settlement agreement was conditioned on the full performance by each party of their respective obligations. Because Vision One failed to perform fully under the terms of the settlement agreement, Wells Fargo is suing for the full value of the three loans and the payment of the early payoff fees.”

 

Plaintiff lists out two claims for relief. The first claim is for the breach of contract, and the second claim is for the contractual attorneys’ fees, wherein Plaintiff alleged that, as a result of Vision One’s failure to honor its contractual obligations under the terms of the settlement agreement, Wells Fargo has incurred costs and attorneys’ fees to enforce its rights under the settlement agreement. Wells Fargo is allegedly entitled to recover the attorneys’ fees and related costs that it has incurred and will incur in prosecuting this lawsuit to enforce its rights under the settlement agreement. 

 

In the prayer for relief, Plaintiff requested the court to enter a judgment against Vision One in the amount of all damages, costs, and expenses that Plaintiff has suffered and will suffer in the future as a result of Vision One’s breaches of its contractual obligations, plus all costs and expenses (including attorneys’ fees) that Plaintiff incurs in connection with this litigation, plus prejudgment interest and any additional relief that the court deems just and equitable.

 

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Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    0:21-CV-02612

  • Filing Date:

    12/03/2021

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Contract - Other Contract

 

Party Details

Plaintiff

Wells Fargo Bank, N.A.

Defendant

Vision One Mortgage, Inc.

Attorney/Law Firm Details

Plaintiff Attorney

Adam J Pabarcus

Attorney at Faegre Drinker Biddle & Reath LLP

90 South Seventh Streetste 2200 Wells Fargo

Minneapolis, MN 55402-3901

 

Court Documents

#1

(#1) COMPLAINT against Vision One Mortgage, Inc. (filing fee $ 402, receipt number AMNDC-9187104) filed by Wells Fargo Bank, N.A.. Filer requests summons issued. (Attachments: #1 Exhibit(s) Exhibit 1, #2 Exhibit(s) Exhibit 2 - Redacted, #3 Exhibit(s) Exhibit 3 - Redacted, #4 Exhibit(s) Exhibit 4 - Redacted, #5 Exhibit(s) Exhibit 5 - Redacted, #6 Civil Cover Sheet) (Pabarcus, Adam) (Entered: 12/03/2021)

1 #1

Exhibit(s) Exhibit 1

1 #2

Exhibit(s) Exhibit 2 - Redacted

1 #3

Exhibit(s) Exhibit 3 - Redacted

1 #4

Exhibit(s) Exhibit 4 - Redacted

1 #5

Exhibit(s) Exhibit 5 - Redacted

1 #6

Civil Cover Sheet

 

Docket Entries

  • 12/03/2021
  • View Court Documents
  • Docket(#1) COMPLAINT against Vision One Mortgage, Inc. (filing fee $ 402, receipt number AMNDC-9187104) filed by Wells Fargo Bank, N.A.. Filer requests summons issued. (Attachments: #1 Exhibit(s) Exhibit 1, #2 Exhibit(s) Exhibit 2 - Redacted, #3 Exhibit(s) Exhibit 3 - Redacted, #4 Exhibit(s) Exhibit 4 - Redacted, #5 Exhibit(s) Exhibit 5 - Redacted, #6 Civil Cover Sheet) (Pabarcus, Adam) (Entered: 12/03/2021)

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