February 12, 2013
Multnomah County in Oregon is suing MERS and 18 other co-defendants for $38 million. The co-defendants include Bank of America, JPMorgan Chase, CitiMortgage, HSBC, Wells Fargo and Oregon banks Bank of the Cascades, Lewis and Clark Bank and West Coast Bank.
The county claims that MERS devastated the public property records system while helping clients avoid required transaction fees. The suit is based on theories of negligence, unjust enrichment and fraudulent misrepresentation.
Read article here: http://www.bizjournals.com/portland/news/2013/02/08/county-seeking-38-million-from-mers.html