Gibbs & Bruns cited at least $15 billion of Wells Fargo's RMBS and $5 billion from Morgan Stanley where holders have 25% or 50% or more of the voting rights, according to a statement Wednesday from the Houston law firm.

The dispute also covers $23 billion of Morgan Stanley-issued RMBS and $30 billion of Wells Fargo's RMBS where holders "have significant voting rights, but less than 25% or 50%," the firm said.

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