Wells Fargo & Co. (WFC), HSBC Holdings Plc (HSBA), Bank of New York Mellon Corp. (BK) and Deutsche Bank AG (DBK) were sued by an Irish securities firm that claims the banks failed to protect investors in their role as trustees of securities backed by home loans that defaulted after the 2008 credit crisis. Phoenix Light SF Ltd. accused the banks, in complaints filed yesterday in Manhattan federal court, of failing to safeguard the interests of investors as required by their contracts. The securities were sold from 2005 to 2007. Phoenix Light and related investors sued Deutsche Bank over 21 securitization trusts on ... (full story)