|
Defendant
|
Plaintiff
|
Court
|
Amount
|
Overview
|
Case Title
|
Case Number |
Date Filed |
Link to Story |
| Ally Financial, Banc of America Mortgage Securities, Inc., Banc of America Securities, LLC, Bank of America Corp., Bear Stearns & Co., Inc., Chase Mortgage Finance Corp., Citigroup Global Markets, Inc., Countrywide Financial Corp., Credit Suisse (USA), Inc., Credit Suisse First Boston Mortgage Securities Corp., Credit Suisse Holdings (USA), Inc., Credit Suisse Securities (USA) LLC, CWMBS, Inc., First Horizon Asset Securities, Inc., First Savings Mortgage Corp., First Tennessee Bank Nat’l Assoc., GMAC Mortgage Group LLC, Goldman Sachs Mortgage Co., Goldman Sachs & Co., GS Mortgage Securities Corp., Indymac MBS, Inc., J.P. Morgan Acceptance Corp. I, J.P. Morgan Securities Inc., John Doe Defendants 1-50, JP Morgan Chase & Co., JP Morgan Securities Holdings LLC, RBS Securities, Inc. Residential Funding Mortgage Securities I, Inc. |
Federal Home Loan Bank Loan of Indianapolis |
U.S. District Court for the Southern District of Indiana |
$3,000,000,000 |
Suit alleging negligent misrepresentation of MBS performance. |
Fed’l Home Bank Loan of Indianapolis v. Ally Fin. Inc. |
1:2010cv01463 |
11/15/2010 |
www.mortgagedaily.com/LitigationMbs113010.asp, www.mortgagedaily.com/MctLawsuitFhlb111910.asp |
| Ambac Assurance Corp. |
Ambac Assurance Corp. |
U.S. Bankruptcy Court; Southern District of New York |
$1,600,000,000 |
Ambac Financial filed for Chapter 11 bankruptcy, seeking to preserve $7 billion in losses as tax liability. |
n/a |
n/a |
n/a |
www.mortgagedaily.com/ambacbankruptcy110810.asp |
| American International Group Inc. |
Class action |
U.S. District Court for the Southern District of New York |
n/a |
Dismissal request denied. Suit alleging AIG artificially inflated its claims reserves. |
In re American Int’l Group, Inc. 2008 Securities Litigation |
No. 08-civ-4772 (LTS) |
2/22/2010 |
www.mortgagedaily.com/LitigationInvestor121510.asp |
| Ameriquest Mortgage Securities, Inc., Bear Stearns & Co., Citigroup Global Markets, Inc, Countrywide Securities Corp., Credit Suisse First Boston LLC, Credit Suisse (USA) LLC, Goldman Sachs & Co., Deutsche Bank Securities Inc., Greenwich Capital Markets, |
City of Cleveland |
U.S. Court of Appeals for the Sixth Circuit |
n/a |
City of Cleveland employees seek to recover from defendants for MBS performance. |
City of Cleveland v. Ameriquest Mortgage Securities, Inc. |
9/1/3608 |
n/a |
www.mortgagedaily.com/LitigationMbs113010.asp |
| Angelo Mozilo, David Sambol, Eric Sieracki |
SEC |
U.S. District Court for the Central District of California Western Division |
$73,000,000 |
Senior executives from Countrywide Financial Corp. accused of misleading investors reach settlement with the SEC. |
Securities and Exchange Commission v. Angelo Mozilo, David Samboli and Eric Sieracki |
2:09-cv-03994-JFW |
Settlement reached October 15, 2010 |
www.mortgagedaily.com/MctSettlementCountrywide101510.asp |
| Banc of America Investment Services |
State of Massachusetts |
n/a |
$100,000 |
BoA accused of dishonest and unethical violations of the MA. Uniform Securities Act. |
n/a |
n/a |
Nov. 2010 |
www.mortgagedaily.com/LitigationInvestor121510.asp |
| Bank of America Corp. |
n/a |
n/a |
$8,400,000,000 |
Lawsuit challenging settlement with state attorneys general dismissed. |
n/a |
n/a |
n/a |
www.mortgagedaily.com/LitigationInvestor121510.asp |
| Banc of America Funding Corporation, Banc of America Securities LLC , Bank of America Corporation , Barclays Capital Inc., Securitized Asset Backed Receivables LLC, Citigroup Mortgage Loan Trust Inc., Citigroup Global Markets Inc., Citigroup Financial Pro |
Federal Home Loan Bank Home of Chicago |
U.S. District Court for the Northern District of Illinois |
n/a |
FHLB of Chicago sued Banc of America and its affiliates over MBS performance. FHLB claims nearly 97 percent of the mortgages it reviewed did not meet the stated underwriting guidelines. |
Fed’l Home Bank Loan of Chicago v. Banc of America Funding Corp. |
No. 1:2010cv07560 |
11/23/2010 |
www.mortgagedaily.com/LitigationMbs113010.asp |
| BankAtlantic Bancorp, Inc. |
Class action by Institutional investor |
U.S. District Court for the Southern District of Florida |
n/a |
Jurors found that BankAtlantic made false statements in connection with the risk associated with its MBS offerings in Florida. |
In re BankAtlantic Bancorp, Inc. Securities Litigation |
No. 07-61542 |
6/23/2010 |
www.mortgagedaily.com/LitigationInvestor121510.asp |
| Barclays Bank PLC |
Lone Star Fund V |
n/a |
n/a |
Case dismissal was affirmed because the investors failed to allege a misrepresentation in light of the “repurchase or substitute” clauses in the securities contracts. |
Lone Star Fund V (US), LP v. Barclays Bank PLC |
Case No. 594 F.3d 383 |
1/11/2010 |
www.mortgagedaily.com/LitigatonRepurchase122710.asp |
| BNP Paribas Securities Corp., CWMBS, Inc., Banc of America Securities LLC, Bank of America Mortgage Securities, Inc., Banc of America Funding Corporation, Cwalt, Inc., Countrywide Financial Corporation, Citigroup Global Markets Inc., Citigroup Mortgage Loan Trust, Inc., Residential Accredit Loans, Inc., First Horizon Asset Securities Inc., Credit Suisse Securities (USA) LLC, Credit Suisse First Boston Mortgage Securities Corp., Residential Asset Mortgage Products, Inc., Deutsche Bank Securities, Inc., First Tennessee Bank National Association, Goldman Sachs & Co., GS Mortgage Securities Corp., RBS Securities, Inc., HSBC Securities (USA), Inc., Wells Fargo Asset Securities Corporation, Morgan Stanley & Co. Inc., Sequoia Residential Funding, Inc., UBS Securities, LLC and Mortgage Asset Securitization Transactions, Inc. |
The Charles Schwab Corporation |
U.S. District Court for the Northern District of California |
n/a |
The Charles Schwab Corp. sued the defendants over buy-back clauses related to MBS. |
The Charles Schwab Corp. v. BNP Paribas Securities Corp. |
No. 3:2010cv04030 |
9/8/2010 |
www.mortgagedaily.com/LitigationMbs113010.asp |
| Citigroup |
Wachovia |
U.S. District Court-Southern District of New York |
$100,000,000 settlement |
Wells Fargo and Citibank settled competing claims filed in state and federal courts related to the Wells Fargo acquisition of Wachovia. |
Wachovia Corp. v. Citigroup, Inc. |
08 Civ. 8503 (SAS) |
10/1/2008 |
www.mortgagedaily.com/SettlementWellsCiti111910.asp |
| Countrywide Financial Corp. |
MBS investors |
U.S. District Court for the Central District of California |
$352,000,000,000 |
Court reduced Bank of America’s exposure to $31 billion in MBS offerings from $352 billion in putative class action. Second complaint filed on Dec. 6. |
Maine State Ret. Sys. v. Countrywide Fin. Corp. |
Case No. 2:10-cv-00302-MRP-MANx |
1/14/2010 |
www.mortgagedaily.com/LitigatonRepurchase122710.asp |
| Countrywide Home Loans. |
Ambac Assurance Corporation |
New York Supreme Court, Manhattan Division |
$16,700,000 |
Countrywide was sued over its MBS offerings. |
Ambac Assurance Corp. v. Countrywide Home Loans |
No. 651612/2010 |
n/a |
www.mortgagedaily.com/LitigationMbs113010.asp |
| Countrywide Financial Corporation, Countrywide Home Loans, Inc., and Countrywide Home Loans Servicing LP |
Class action |
Supreme Court of New York, County of New York |
$80,000,000,000 |
Suit regarding loss mitigation in connection with home mortgages. |
Greenwich Fin. Servs. Distressed Mortgage Fund 3, LLC v. Countrywide Fin. Corp. |
No.1:2008cv11343 |
12/30/2008 |
www.mortgagedaily.com/LawsuitBoaAz121710.asp |
| Credit-Based Asset Servicing and Securitization LLC |
Credit-Based Asset Servicing and Securitization LLC |
U.S. Bankruptcy Court, Southern District of New York |
$1,000,000,000 |
Bankrupdcy filed. |
In re Credit-Based Asset Servicing & Securitization LLC |
No. 10-16040 |
11/12/2010 |
www.mortgagedaily.com/Closings111410.asp |
| Federal Deposit Insurance Corporation (as receiver of Washington Mutual Bank); JPMorgan Chase Bank; Washington Mutual Mortgage Securities Corporation |
Deutscshe Bank National Trust Company |
U.S. District Court for the District of Columbia |
n/a |
Suit by Deutsche Bank as trustee for pension funds, municipalities, and other investors who incurred huge losses on defective Bank of America bonds. |
Deutsche Bank National Trust Company v. FDIC |
No. 09-CV-1656-RMC |
n/a |
www.mortgagedaily.com/MctHudForeclosures102110.asp |
| Frederick Darren Berg |
U.S. Attorney’s Office |
U.S. District Court for the Western District of Washington |
$100,000,000 |
Berg is accused of running a $100m Ponzi scheme and concealing $400,000 from his bankruptcy trustee. |
United States v. Berg |
CR10-310 |
10/13/2010 |
www.mortgagedaily.com/LitigationCriminal120710.asp, www.mortgagedaily.com/MctMeridian100910.asp |
| GMAC Mortgage, Residential Capital LLC, Residential Funding Securities LLC, Residential Asset Mortgage Products Inc., Residential Funding Company LLC, Residential Funding Mortgage Securities I Inc., Residential Accredit Loans Inc. and Homecomings Financial LLC |
Fannie Mae |
n/a |
$462,000,000 |
Settlement resolves subpoena and $84 billion in repurchase liabilities. |
n/a |
n/a |
n/a |
www.mortgagedaily.com/AllyFannieSettlement122810.asp |
| Green Bankshares, Inc., James E. Adams, Stephen M. Rownd, R. Stan Puckett |
Class action |
U.S. District Court for the Eastern District of Tennessee |
n/a |
The class accuses Green Bankshares and certain of its executives of making materially misleading statements in violation of the securities laws about MBS offerings. |
Burgraff v. Green Bankshares, Inc. |
No. 2:2010cv00253 |
11/18/2010 |
www.mortgagedaily.com/LitigationInvestor121510.asp |
| James Charles Nistler |
Oregon Department of Justice |
Oregon State Court-Jackson County |
$800,000 |
Oregon Attorney General prosecuted Nistler for fraud, theft, and racketeering. |
Oregon v. Nistler |
n/a |
n/a |
www.mortgagedaily.com/mcthudconviction111810.asp |
| John M. Saphir; Patrick G. Fanning; Stephen L. Faydash; William E. Hetler; Thomas Jelinek; Lori A. Moseley; Stephen Anthony; Jerry C. Brucer; James K. Champion; Andrew B. Nathan; and Mary C. Mills. |
Federal Deposit Insurance Corp. |
U.S. District Court-Northern District of Illinois (Eastern Division) |
$20,000,000 |
Mortgage malpractice and professional liability claims brought against former bank executives. |
Federal Deposit Insurance Corp., as Receiver of Heritage Community Bank, Plaintiff, v. John M. Saphir, et al |
1:2010cv7009 |
11/1/2010 |
www.mortgagedaily.com/lawsuitsfdic112410 |
| JPMorgan entities, several Bear entities and some WaMu affiliates |
Cambridge Place Investment Management Inc. |
Massachusetts state court |
n/a |
Action commenced. |
n/a |
n/a |
n/a |
www.mortgagedaily.com/LitigationMbs113010.asp |
| JPMorgan entities, several Bear entities and some WaMu affiliates |
Cambridge Place Investment Management Inc. |
Massachusetts state court |
n/a |
Action commenced. |
n/a |
n/a |
n/a |
www.mortgagedaily.com/LitigationMbs113010.asp |
| JP Morgan Securities, Inc., Bear Sterns Asset Backed Securities I LLC |
The Charles Schwab Corporation |
U.S. District Court for the Central District of California |
n/a |
JP Morgan Chase and its affiliates, along with Washington Mutual and its affiliates, were sued in their various roles as issuers, sponsors, or underwriters in MBS offerings. |
The Charles Schwab Corp. v. JP Morgan Securities, Inc. |
No. 3:2010-cv-0452 |
10/6/2010 |
www.mortgagedaily.com/LitigationMbs113010.asp |
| KH Funding |
KH Funding |
n/a |
n/a |
Chapter 11 bankruptcy filing made. |
In re. KH Funding |
n/a |
n/a |
www.mortgagedaily.com/Closings121310.asp |
| Lee Bentley Farkas |
U.S. Attorney’s Office |
U.S. District Court for the Eastern District of Virginia |
$1,400,000,000 |
Farkas seeks 3 additional months to prepare for trial, and is accused of masterminding a fraudulent scheme to hide hundreds of millions of dollars. |
United States v. Farkas |
1:10cr200 |
n/a |
www.mortgagedaily.com/LitigationCriminal120710.asp |
| Lender Processing Service Inc. |
City of St. Clair Shores General Employees’ Retirement System |
U.S. District Court for the Middle District of Florida |
n/a |
Plaintiffs allege securities fraud. |
City of St. Clair Shores Gen. Employees’ Retirement Sys. |
n/a |
11/23/2010 |
www.mortgagedaily.com/LitigationInvestor121510.asp |
| Lender Processing Service Inc. |
Class action |
U.S. District Court for the Middle District of Florida |
n/a |
Case announced by Law Offices of Howard G. Smith alleges violations of the Securities Exchange Act of 1934. |
n/a |
n/a |
n/a |
www.mortgagedaily.com/LitigationInvestor121510.asp |
| Lender Processing Service Inc. |
Class action |
U.S. District Court for the Middle District of Florida |
n/a |
Case filed by law firm of Lieff Cabraser Heimann & Bernstein LLP alleges violations of the Securities Exchange Act of 1934. Defendant allegedly failed to disclose that the company had engaged in improper and deceptive business practices, and reporting mis |
n/a |
n/a |
n/a |
www.mortgagedaily.com/LitigationInvestor121510.asp |
| Lender Processing Service Inc. |
Class action |
U.S. District Court for the Middle District of Florida |
n/a |
Case announced by Shareholders Foundation Inc. alleges violations of the Securities Exchange Act of 1934. |
n/a |
n/a |
n/a |
www.mortgagedaily.com/LitigationInvestor121510.asp |
| Mario S. Levis aka Sammy Levis |
United States of America |
U.S. District Court fo the Southern District of New York |
$4,000,000,000 |
60-month sentence for former Doral Financial Corp. Treasurer. |
n/a |
n/a |
n/a |
www.mortgagedaily.com/LitigationCriminal120710.asp |
| Mark Ashmore |
n/a |
U.S. District Court |
n/a |
Conviction on four counts of wire fraud. |
n/a |
n/a |
n/a |
www.mortgagedaily.com/MctClosingPierceFraud110610.asp |
| Metro Buys Homes |
United States |
n/a |
$898,600 |
Dozen lawsuits claim misappropriation of investors’ funds. |
United States v. Shebetich |
n/a |
10/5/2010 |
www.mortgagedaily.com/MctMetropolitan100610.asp |
| Mili Group Inc., Cuong Do |
U.S. Department of Labor |
n/a |
$544,940 |
Defendants allegedly misusedretirement plan assets for their own benefit, in violation of the Employee Retirement Income Security Act. |
n/a |
n/a |
8/26/2010 |
www.mortgagedaily.com/LitigationEmployment122810.asp |
| Morgan Stanley |
MBIA Insurance Co. |
Supreme Court of the State of New York, Westchester County |
$223,000,000 |
Plaintiff claims in complaint filing that it was fraudulently induced to insure MBS. |
MBIA Ins. Co. v. Morgan Stanley |
n/a |
Dec. 2010 |
www.mortgagedaily.com/LitigatonRepurchase122710.asp |
| Nationsfirst Lending Inc. |
Lehman Brothers Holding Inc. |
U.S. District Court, Central District of California |
n/a |
Complaint filed and alleges various contracts requiring the repurchase of faulty mortgage loans were not honored. |
Lehman Brothers Holding, Inc. v. Nationsfirst Lending Inc. |
Case No. 10CV1753 |
11/15/2010 |
www.mortgagedaily.com/LitigatonRepurchase122710.asp |
| Regions Financial Corp. |
Securities investors from Feb. 27, 2008, to Jan. 19, 2009 |
U.S. District Court for the Northern District of Alabama |
n/a |
Complaint filed. |
n/a |
n/a |
10/20/2010 |
www.mortgagedaily.com/LitigationInvestor121510.asp |
| Regions Financial Corp. & several subsidiaries |
n/a |
U.S. District Court for the Western District of Tennessee |
n/a |
Case stayed, motion to disimiss denied. |
n/a |
n/a |
n/a |
www.mortgagedaily.com/LitigationInvestor121510.asp |
| Scott D. Farah |
U.S. Attorney’s Office |
U.S. District Court for the District of New Hampshire |
$20,000,000 |
20-year prison sentence because violated securities laws that caused $20m in losses to 150 investors. |
United States v. Farah |
n/a |
n/a |
www.mortgagedaily.com/LitigationCriminal120710.asp |
| Scott Van Dellen, Richard Koon, Kenneth Shellem and William Rothman |
Federal Deposit Insurance Corp. |
U.S. District Court-Central District of California |
$300,000,000 |
Mortgage malpractice and professional liability claims brought against former bank executives. |
FDIC v. VanDellen, et. al |
CV10 4915-RSWL |
7/2/2010 |
https://www.mortgagedaily.com/lawsuitsfdic112410.asp |
| The Mortgage Store |
n/a |
U.S. Bankruptcy Court |
$15,000,000 |
Bankruptcy filed. |
In re The Mortgage Store |
n/a |
n/a |
www.mortgagedaily.com/Closings112210.asp |
| Thomas Sullivan Jr., Thomas Sullivan Sr., other First Magnus directors |
Larry Lattig, advocating on behalf of First Magus Creditors |
U.S. Bankruptcy Court |
n/a |
Bankruptcy judge threw out claims by First Magnus Financial Corp. creditors. |
n/a |
n/a |
n/a |
www.mortgagedaily.com/MctFirstMagnus122810.asp |
| Wells Fargo & Co. |
Citigroup Inc. |
n/a |
$100,000,000 |
Settlment reached. |
n/a |
n/a |
n/a |
www.mortgagedaily.com/SettlementWellsCiti111910.asp |
| Wells Fargo & Co. |
Class action |
U.S. District Court for the Northern District of California |
$7,200,000 |
MBS investors seek recovery on their mortgage-backed certificates. |
In re Wells Fargo Mortgage-Backed Certificates |
09-CV-01376-LHK |
4/22/2010 |
www.mortgagedaily.com/LitigationMbs113010.asp |
