|
Defendant
|
Plaintiff
|
Court
|
Amount
|
Overview
|
Case Title
|
Case Number |
Date Filed |
Link to Story |
| 25 current and former officers of failed Western Corporate Federal Credit Union |
Seven credit unions |
Los Angeles Superior Court |
na |
National Credit Union Administration made filing to replace plaintiffs with itself. Defendants abandoned their fiduciary duty to invest conservatively in liquid assets and instead poured capital into risky, highly leveraged mortgage-backed securities. |
na |
na |
na |
www.mortgagedaily.com/LitigationGraveyard123009.asp, www.mortgagedaily.com/LawsuitNcua123109.asp |
| Advanta Corp. |
Investors that traded common shares of Advanta Corp. between Oct. 31, 2006, to Nov. 27, 2007 |
U.S. District Court for the Eastern District of Pennsylvania |
na |
Shareholder class action suit alleges Advanta misled investors about financial condition. |
In re Advanta Corp. |
Case No. 09cv04730 |
Oct. 10, 2009 |
www.mortgagedaily.com/InvestorLawsuits122909.asp |
| American Home Mortgage |
Investors who owned the stock between July 19, 2005, and Aug. 6, 2007 |
U.S. District Court for the Eastern District of New York |
na |
Settlements have been proposed in shareholder class action. |
In re American Home Mortgage Securities Litigation |
Case No. 07MD1898 (TCP) |
na |
www.mortgagedaily.com/InvestorLawsuits122909.asp |
| Bear Stearns Asset Management Inc. et al. |
Bank of America et al. |
U.S. District Court for the Southern District of New York |
$4,000,000,000 |
Defendant’s motion to dismiss denied. A federal district court judge has ruled that Bank of America Corp. can proceed with its $4 billion lawsuit based on contract and fraud claims against Bear Stearns Asset Management and two former Bear hedge fund managers. |
Bank of America et al. v. Bear Stearns Asset Management Inc. et al. |
Case No. 08-cv-09265 |
Oct. 2008 |
www.mortgagedaily.com/Lawsuits102709.asp, www.mortgagedaily.com/MbsLitigation122909.asp |
| Bear Stearns Mortgage Funding Trust 2006-AR1, Structured Asset Mortgage Investments II, Inc., Jeffrey L. Verschleiser, Michael B. Nierenberg, Jeffrey Mayer, Thomas F. Marano, Joseph T. Jurkowski, Bear Stearns & Co., Inc., JP Morgan Chase, Inc. |
New Jersey Carpenters Health Fund |
U.S. District Court for the Southern District of New York |
na |
Suit alleges fraudulent and misleading statements regarding the quality of securitized investments, including misleading statements regarding quality of underlying loans, such as loan-to-value ratio, debt-to-income levels, etc. |
New Jersey Carpenters Fund v. Bear Stearns Mortgage Funding Trust 2006-AR1 et al. |
Case No. 1:2008cv08093 |
Sept. 18, 2008 |
www.mortgagedaily.com/MbsLitigation122909.asp |
| Brad A. Morrice, Patti M. Dodge, David N. Kenneally |
Securities and Exchange Commission |
U.S. District Court for the Central District of California |
na |
SEC accuses former New Century Financial Corp. executives of defrauding investors by making false and misleading statements regarding risks New Century faced as the mortgage market imploded. Fraudulent accounting practices to hide losses are also alleged. |
Securities and Exchange Commission, Plaintiff, vs. Brad A. Morrice, Patti M. Dodge, and David N. Kenneally, Defendants |
Case No. SACV09-01426 |
Dec. 7, 2009 |
www.mortgagedaily.com/NewCenturyInvestorFraud120709.asp |
| Brookstreet Securities Corp, Stanley C. Brooks |
Securities and Exchange Commission |
U.S. District Court for the Central District of California |
$300,000,000 |
Criminal action against securities brokerage selling high risk collateralized mortgage obligations to risk averse investors, misrepresenting the risk associated with the assets. |
SEC v. Brookstreet Securities Corp. |
Case No. SACV09-01431 |
Dec. 8, 2009 |
www.mortgagedaily.com/MbsLitigation122909.asp |
| Educational Systems Federal Credit Union |
CU National Mortgage LLC |
na |
na |
Declaratory judgment action seeking the court’s confirmation was filed. |
|
|
|
www.mortgagedaily.com/LitigationGraveyard123009.asp |
| former U.S. Central president and CEO Francis Lee, two former officers, the board of directors and the accounting firm of RubinBrown LLP |
Corporate America Credit Union |
U.S. District Court in Alabama |
$9,000,000 |
Defendants allegedly withheld information about upcoming MBS write downs. |
na |
na |
October 20, 2009 |
www.mortgagedaily.com/MbsLitigation122909.asp |
| Former Washington Mutual Inc. executives including former CEO Kerry Killinger, former chief financial officer Thomas Casey and former home loans president David Schneider, former chief operating officer Stephen Rotella and former chief enterprise risk officer Ronald Cathc |
na |
U.S. District Court in Seattle |
na |
Court rules case, which seeks class action certification, can continue. |
na |
na |
na |
www.mortgagedaily.com/InvestorLawsuits122909.asp |
| James Benjamin Duncan, Hendrix Moreno Montecastro, Helen Moreno Pedrino, Maurice McLeod, Charlie Sung Muk Choi, Cindi Gayle Kelly and Thuan Nhan Du |
na |
Riverside County Superior Court, Calif. |
$125,000,000 |
Defendants tied to Pacific Wealth Management and Stonewood Investments accused of securities fraud. |
In re. Pacific Wealth Management and Stonewood Investments |
RIF153306 |
na |
www.mortgagedaily.com/InvestorLawsuits122909.asp |
| Legacy Group Lending Inc., a Washington profit corporation; Legacy Group Capital LLC, a Washington Limited Liability Company; Scott R. Rerucha, individually and the marital community composed of Scott and Mary Jo Rerucha; Does 1-20, inclusive |
Brett T. Green |
Superior Court of the State of Washington in and for the County of King |
na |
The complaint alleges that Scott Rerucha, the Legacy President, fired the plaintiff for no reason, failed to pay him salary and profits as required by his employment contract, and engaged in a systematic campaign to defame Green within the Kitsap County business community so that he could not compete with Legacy in the future. |
Brett T. Green, Plaintiff, vs. Legacy Group Lending Inc., a Washington profit corporation; Legacy Group Capital LLC, a Washington Limited Liability Company; Scott R. Rerucha, individually and the marital community composed of Scott and Mary Jo Rerucha; Does 1-20, inclusive |
na |
Oct. 7, 2009 |
www.mortgagedaily.com/LawsuitsEmployment102709.asp |
| Morgan Stanley & Co. Inc., Morgan Stanley & Co. International Ltd. |
Employees’ Retirement System of the Government of the Virgin Islands |
U.S. District Court for the Southern District of New York |
na |
Pension fund alleges bank colluded with ratings agencies to obtain triple-A ratings for CDO backed by highly risky assets. These were then sold to investors at the same time that the bank was “shorting” the very same assets, thus indicating its knowledge that the assets were not worth the value at which they were sold. |
Employees’ Retirement System of the Government of the Virgin Islands et al v. Morgan Stanley & Co. Incorporated et al. |
Case No. 1:2009cv10532 |
Dec. 24, 2009 |
www.mortgagedaily.com/LitigationGraveyard123009.asp |
| Perry, Michael |
Former IndyMac Bancorp Inc. trustee Alfried H. Seigel |
U.S. Bankruptcy Court in Los Angeles |
na |
Former IndyMac CEO accused of squandering assets and ignoring warning signals. |
na |
na |
na |
www.mortgagedaily.com/LitigationGraveyard123009.asp |
| Regions Financial Corp. |
Investors who purchased shares between Oct. 3, 2006, and Nov. 4, 2006, |
U.S. District Court for the Northern District of Alabama |
na |
Former officers and directors allegedly violated Federal securities laws by allowing or authorizing the solicitation of proxies or consent to a resolution approving a merger/acquisition between Regions and AmSouth. |
na |
na |
na |
www.mortgagedaily.com/InvestorLawsuits122909.asp |
| Standard & Poor’s Financial Services LLC, The McGraw-Hill Companies Inc., Moody’s Corp., Moody’s Investor Services Inc., Fitch Inc. |
Ohio Police & Fire Pension Fund, Ohio Public Employees Retirement System, State Teachers Retirement System of Ohio, School Employees Retirement Systems of Ohio, Ohio Public Employees Deferred Compensation Program |
U.S. District Court for the Southern District Court of Ohio |
na |
Ohio AG sues rating agencies over improper ratings of structured finance assets, such as securitized loans, CDOs, etc. |
Ohio Police & Fire Pension Fund, et al v. Standard & Poor’s Financial Services LLC, et al. |
Case No. 2:09-cv-1054 |
Nov. 20, 2009 |
www.mortgagedaily.com/MbsLitigation122909.asp |
| Standard & Poor’s, Moody’s, Fitch |
Connecticut Attorney General Richard Blumenthal |
U.S. District Court for the Southern District Court of Ohio |
na |
Alleged improper ratings of structured finance assets, such as securitized loans, CDOs, etc. |
na |
na |
November 2009 |
www.mortgagedaily.com/MbsLitigation122909.asp |
| Structured Asset Mortgage Investments II, Inc., Bear Stearns Alt-A Trust 2006-6, Bear Stearns ARM Trust 2006-4, Bear Stearns Mortgage Funding Trust 2006-AR2, Structured Asset Mortgage Investments II Trust 2006-AR7, Structured Asset Mortgage Investments II Trust 2006-AR6, Bear Stearns Alt-A Trust 2006-5, Bear Stearns Mortgage Funding Trust 2006-AR5, Bear Stearns Alt-A Trust 2006-8, Bear Stearns Mortgage Funding Trust 2006-AR4, Structured Asset Mortgage Investments II Trust 2006-AR8, Bear Stearns Mortgage Funding Trust 2006-AR3, Bear Stearns Alt-A Trust 2006-7, Bear Stearns Alt-A Trust 2007-I, Bear Stearns Mortgage Funding Trust 2007-AR1, Bear Stearns Arm Trust 2007-3, Bear Stearns Mortgage Funding Trust 2007-AR3 and Bear Stearns Arm Trust |
Pension Trust Fund For Operating Engineers |
U.S. District Court for the Southern District of New York |
na |
Suit alleges fraudulent and misleading statements regarding the quality of securitized investments, including misleading statements regarding quality of underlying loans, such as loan-to-value ratio, debt-to-income levels, etc. |
Pension Trust Fund for Operating Engineers v. Structured Asset Mortgage Investments II, Inc. et al. |
Case No. 09-cv-6172-LTS |
July 9, 2009 |
www.mortgagedaily.com/MbsLitigation122909.asp |
