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Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.


Corporate Bankruptcy Litigation
Second-Quarter 2010 Mortgage Litigation Index

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Litigation surrounding companies that file for bankruptcy protection or bankruptcy liquidation.

Defendant
Plaintiff
Court
Amount
Overview
Case Title
Case Number
Date Filed Link to Story
BankUnited Financial Corp.; Alfred R. Camner; Ramiro A. Ortiz; Humerto L. Lopez Waterford Township General Employees Retirement System, individually and on behalf of all others similarly situated United States District Court for the Southern District of Florida n/a Plaintiffs allege that during the class period Defendants "embarked upon, and implemented, an unlawful strategy for increasing BankUnited’s market value artificially." This unlawful strategy included Defendants’ repeated assurances in public releases, statements, and reports as to BankUnited’s strict credit quality standards, conservative appraisal and underwriting practices, adequate loan loss reserve ratios, and strong capital position. Plaintiffs assert that these representations were misleading, and served to conceal the unsound undertakings that increasingly characterized the Bank’s lending practices. Waterford Township General Employees Retirement System v. BankUnited Financial Corporation et al. 1:2008cv22572 9/16/08 www.mortgagedaily.com/LitigationInvestor041410.asp
na Colonial BancGroup Inc. U.S. Bankruptcy Court for the Middle District of Alabama Directors of bankrupt bank sought court approval of additional expenditures relating to the cost of legal defense based on numerous lawsuits and governmental investigations arising out of failure of Colonial Bank In Re The Colonial BancGroup, Inc. No. 09-32303-DHW 8/25/2009 www.mortgagedaily.com/ColonialDirectors060410.asp
na Fremont General Corp. U.S. Bankruptcy Court for the Central District of California, Santa Ana Division n/a Fremont General Corp. filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in June 2008. A reorganization plan has been approved and confirmed whereby Signature Group Holdings LLC will infuse $10.3 million in capital and Fremont's name will change to Signature Group Holdings Inc. In re: Fremont General Corporation, a Nevada corporation Case No. 8:08-bk-13421 18-Jun-08 www.mortgagedaily.com/FremontBankruptcy061410.asp
Taylor Bean & Whitaker Mortgage Corporation; Freddie Mac; Ginnie Mae; Sovereign Bank Lloyd's London U.S. Bankruptcy Court for the Middle District of Florida $50,000,000 Former executives of Taylor Bean & Whitaker Mortgage Corp. are accused of improperly taking more than $50 million from the failed company. The company lost its Federal Housing Administration approval in August 2009. Within a few days, new business was suspended and 964 employees were given notice. Taylor Bean filed for relief under Chapter 11 of the US Bankruptcy Code later that month. In re:Taylor Bean & Whitaker Mortgage Corp. 3:09-bk-07047 8/1/09 www.mortgagedaily.com/LawsuitTaylorBean051810.asp
Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.


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