California Supreme Court Looks to Restatement 3rd Torts: Economic Harm
The California Supreme Court looked to § 3 of the Restatement of the Law Third, Torts: Liability for Economic Harm in a case involving the examination of the Economic Loss Rule.
The case, Sheen v. Wells Fargo Bank, raised the issue of whether a mortgage servicer owes a borrower a duty of care to refrain from making material misrepresentations about the status of a foreclosure sale following the borrower’s submission of, and the servicer’s agreement to review, an application to modify a mortgage loan.
The black letter to § 3 of Restatement Third Torts: Economic Harm, including Comments and Reporter’s Note, is available here.
In the below video, Reporter Ward Farnsworth covers the history of the economic loss doctrine as it relates to tort loss.
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