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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.


Mortgage Investor Lawsuits
Second Quarter 2009 Mortgage Litigation Report

main report page

Shareholder lawsuits and class actions accusing companies of inflating earnings, overstating capital position or otherwise deceiving investors in the company. Other shareholder issues.

Defendant
Plaintiff
Court
Amount
Overview
Case Title
Case Number Date Filed Link to Story
Accredited Home Lenders Holding Co., et al. Michael Atlas and Gail Atlas U.S. District Court, S.D. Cal. n/a Plaintiffs filed suit alleging violations of federal securities laws based on allegedly materially false and misleading statements and omissions regarding Accredited's business and financial results (misrepresented the company's underwriting standards, manipulated reserve amounts, and improperly accounted for the Ames acquisition). (Motions to dismiss denied on Jan. 4, 2008.) Michael Atlas and Gail Atlas v. Accredited Home Lenders Holding Co., et al. No. 07-CV-0488-H 16-Mar-2007 www.mortgagedaily.com/LitigationUpdate062509.asp
Angelo Mozilo, David Sambol, and Eric Sieracki Securities and Exchange Commission U.S. District Court for the Central District of California n/a Suit alleges that Countrywide misrepresented credit risks the company was undertaking to maintain its market share. Securities and Exchange Commission v. Angelo Mozilo, David Sambol, and Eric Sieracki No. 09-CV-03994-V8F-AJWX 4-Jun-2009 www.mortgagedaily.com/SecLawsuitMozilo060409.asp, www.mortgagedaily.com/Lawsuits061109.asp
Citigroup, Inc., Citigroup Global Markets, Inc., Alain J.P. Belda, C. Michael Armstrong, Kenneth T. Derr, John M. Deutch, Richard D. Parsons, Ann Dibble Jordan, and Citigroup, Inc. Personnel and Compensation Committee Employee purchasers of Citigroup Inc. stock U.S. District Court for the Southern District of California n/a Class action alleges company lied about its financial condition, made untrue statements of facts and omitted other material in stock offering documents. Brecher v. Citigroup, Inc. et al. 3:09-cv-00606-L-AJB 24-Mar-2009 www.mortgagedaily.com/InvestorClassActions040909.asp
Citigroup, Inc., Sir Win Bischoff, Vikram S. Pandit, Gary L. Crittenden, Charles O. Prince, III, John C. Gerspach, Sallie L. Krawcheck, Michael C. Armstrong, Alain J.P. Belda, Richard D. Parsons, Kenneth T. Derr, John M. Deutch, Andrew N. Liveris, Roberto Hernandez Ramirez, Anne M. Mulcahy, Judith Rodin, Sanford I. Weill, Robert E. Rubin, Franklin A. Thomas, Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. Incorporated, UBS Securities, LLC, Wachovia Capital Markets, LLC, Banc of America Securities LLC, RBC Dain Rauscher Inc., Deutsche Bank Securities, Inc., Goldman Sachs & Co., Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Wells Fargo Securities LLC, KPMG LLP. Shareholders of Citigroup 8.125% Non-Cumulative Preferred Stock, Series AA U.S. District Court for the Southern District of New York n/a Defendants allegedly issued false and misleading statements in preferred stock offering. Buckingham et al. v. Citigroup, Inc. et al. 09-CV-2355 13-Mar-2009 www.mortgagedaily.com/InvestorClassActions040909.asp
Countrywide Financial Corp. SRM Global Fund Delaware court $80,000,000 Proposed settlement rejected by judge because would improperly wipe out some investor claims. n.a. n.a. n.a. www.mortgagedaily.com/InvestorClassActions040909.asp
Countrywide Financial Corporation, Angelo Mozilo, and Eric P. Sieracki George Pappas U. S. District Court, S.D. California n/a Plaintiffs alleged that "borrower requirements were progressively loosened…actual loan quality was lower than the borrower's FICO score and LTV ratio suggested because Countrywide misrepresented how lax its verification practices became...and Countrywide management routinely circumvented the normal underwriting process by approving highly risky loans for sale into the secondary market." (Motions to dismiss largely denied on Dec. 1, 2008.) George Pappas, et al. v. Countrywide Financial Corporation, Angelo Mozilo, and Eric P. Sieracki No. CV-07-05295-MRP (MANx) 14-Aug-2007 www.mortgagedaily.com/LitigationUpdate062509.asp
Freddie Mac, Richard Syron, Anthony Piszel, Patricia Cook West Virginia Investment Management Board, Individually and on Behalf of All Others Similarly Situated U.S. District Court in Manhattan n/a Amernded complaint filed. n.a. n.a. n.a. www.mortgagedaily.com/InvestorClassActions052809.asp
IndyMac MBS, Inc., some of its officers and directors, underwriters and certain ratings agencies. Police and Fire Retirement Systems of the City of Detroit U. S. District Court, S.D.N.Y. n/a Suit alleges damage to securities purchaser is traceable to Indymac's issuance of false and misleading offering materials. Police and Fire Retirement System of the City of Detroit v. IndyMac MBS, Inc., et al. No. 09-CIV-4583 14-May-2009 www.mortgagedaily.com/InvestorClassActions052809.asp
James Chapman and Thomas Halbach n.a. Marin Superior Court in California n.a. Former executives of failed Residential Mortgage Capital accused of squandering capital and forming competing firm. n.a. n.a. September 2008 www.mortgagedaily.com/Lawsuits042009.asp
KMPG New Century Financial Corp. bankruptcy trustee Alan Jacobs Superior Court of California in Los Angeles n.a. Defendant allegedly overlooked financial accounting problems leading to the collapse of New Century. n.a. n.a. 1-Apr-2009 www.mortgagedaily.com/Lawsuits042009.asp
KMPG New Century Financial Corp. bankruptcy trustee Alan Jacobs U.S. District Court in the Southern District of New York n.a. Defendant allegedly overlooked financial accounting problems leading to the collapse of New Century. n.a. n.a. 1-Apr-2009 www.mortgagedaily.com/Lawsuits042009.asp
Luminent Mortgage Capital Inc. Common stock investors from Feb. 9, 2007, to Aug. 6. 2007 n.a. $8,000,000 Settlement reached. n.a. n.a. n.a. www.mortgagedaily.com/InvestorClassActions052809.asp
Marc D. Schnitzer, Centerline Holding Co. John Carfagno and shareholders U.S. District Court for the Southern District of New York n/a Preliminary settlement of claims reached in derivative litigation. Carfagno v. Schnitzer 08 Civ. 912 (SAS) 25-Jan-2008 www.mortgagedaily.com/InvestorClassActions050109.asp
Metropolitan Mortgage & Securities Co. buyers of Metropolitan Investment Debentures, Series III and III-A; Metropolitan Preferred Stock, Series E-7; and Summit Investment Certificates, Series B and B-1 U.S. District Court for the Eastern District of Washington n.a. Docket # CV-04-025-FVS n.a. www.mortgagedaily.com/InvestorClassActions040909.asp
MGIC Investment Corp. Stockholders n.a. n.a. Five class actions consolidated into one case. n.a. n.a. n.a. www.mortgagedaily.com/InvestorClassActions052809.asp
Michael Strauss, Stephen Hozie and Robert Bernstein Securities and Exchange Commission U.S. District Court for the Southern District of New York n/a Civil action against former American Home Mortgage Investment Corp. executives alleges accounting fraud and false and misleading disclosures to investors. Securities and Exchange Commission v. Michael Strauss, Stephen Hozie and Robert Bernstein 09-CV-4150 (RB) 28-Apr-2009 www.mortgagedaily.com/LawsuitSecAhm042809.asp
Morgan Stanley Capital I Inc. and some officers West Virginia Investment Management Board, Individually and on Behalf of All Others Similarly Situated U.S. District Court for the Southern District of New York n/a Suit alleges the company issued false and misleading pass-through securities certificates. West Virginia Investment Management Board, Individually and on Behalf of All Others Similarly Situated v. Morgan Stanley Capital I Inc., et al. No. 09-CIV-4414 [UNK] www.mortgagedaily.com/InvestorClassActions052809.asp
"Morgan Stanley, Morgan Stanley Mortgage Capital Inc., Morgan Stanley Dean Witter Capital I, Inc., f/k/a Morgan Stanley Capital I Inc., Morgan Stanley & Co. Incorporated, McGraw-Hill Companies, Moody's Corp., Anthony B. Tufariello, William J. Forsell, Valerie H. Kay, Steven S. Stern, Mortgage Loan Trust 2006-4SL, Morgan Stanley Mortgage Loan Trust 2006-5AR, Morgan Stanley Mortgage Loan Trust 2006-5ARW, Morgan Stanley Mortgage Loan Trust 2006-6AR, Morgan Stanley Mortgage Loan Trust 2006-7, Morgan Stanley Mortgage Loan Trust 2006-8AR, Morgan Stanley Mortgage Loan Trust 2006-9AR, Morgan Stanley Mortgage Loan Trust 2006-10SL, Morgan Stanley Mortgage Loan Trust 2006-11, Morgan Stanley Mortgage Loan Trust 2006-12XS, Morgan Stanley Mortgage Loan Trust 2006-13AX, Morgan Stanley Mortgage Loan Trust 2006-14SL, Morgan Stanley Mortgage Loan Trust 2006-15XS, and Morgan Stanley Mortgage Loan Trust 2006-16AX. Mississippi Public Employees Retirement System and other buyers of Morgan Stanley certificates Mortgage Loan Trust 2006-4SL, Morgan Stanley Mortgage Loan Trust 2006-5AR, Morgan Stanley Mortgage Loan Trust 2006-5ARW, Morgan Stanley Mortgage Loan Trust 2006-6AR, Morgan Stanley Mortgage Loan Trust 2006-7, Morgan Stanley Mortgage Loan Trust 2006-8AR, Morgan Stanley Mortgage Loan Trust 2006-9AR, Morgan Stanley Mortgage Loan Trust 2006-10SL, Morgan Stanley Mortgage Loan Trust 2006-11, Morgan Stanley Mortgage Loan Trust 2006-12XS, Morgan Stanley Mortgage Loan Trust 2006-13AX, Morgan Stanley Mortgage Loan Trust 2006-14SL, Morgan Stanley Mortgage Loan Trust 2006-15XS, and Morgan Stanley Mortgage Loan Trust 2006-16AX U.S. District Court for the Southern District of New York n/a MBS-related class action removed from Orange County Superior Court to the U.S. District Court for the Southern District of New York. In re Morgan Stanley Mortgage Pass-Through Certificates Litigation 09-CV-02137 (LTS)(MHD) 6-Apr-2009 www.mortgagedaily.com/InvestorClassActions040909.asp
n.a. Extended Stay America Inc. U.S. Bankruptcy Court $1,800,000,000 One-quarter of individual investors in a $4.1 billion securitization issued by Extended Stay America Inc. have bypassed the trustee structure to represent themselves in the company's Chapter 11 Bankruptcy reorganization. n.a. n.a. 1-Jul-1905 www.mortgagedaily.com/Lawsuits062409.asp
New Century Financial New York State Teachers Retirement System U.S. District Court, C.D. California n/a Plaintiffs alleged that defendants fraudulently made "false and misleading statements regarding New Century's financial condition, internal controls, underwriting standards and loan quality, and in audits of the company, and improper underwriting and auditing standards." (Motions to dismiss denied on Dec. 3, 2008.) New York State Teachers Retirement System v. New Century Financial No. CV-07-00931-DDP (JTLx) 9/14/2007 [4/30/2008, Second Amended Complaint filed] www.mortgagedaily.com/LitigationUpdate062509.asp
NovaStar Financial, Inc. et al. Shareholders U.S. Consolidated Court for the Western District of Missouri, Kansas City $7,000,000 Approval of cash settlement sought in case alleging failure to disclose it financial problems and of making untrue statements to inflate its share price. Tice v. NovaStar Financial, Inc. et al. 4:04cv330 14-Apr-2004 www.mortgagedaily.com/InvestorClassActions050109.asp
Popular Inc., Richard Carrion and Jorge A. Junquera Russell Hoff, Individually and on Behalf of All Others Similarly Situated U.S. District Court, D. Puerto Rico n/a Suit alleges the defendant failed to disclose the true condition of its loans. Russell Hoff, Individually and on Behalf of All Others Similarly Situated v. Popular, Inc., Richard Carrion and Jorge A Junquera No. 3:2009-CV-01428 15-May-2009 www.mortgagedaily.com/InvestorClassActions052809.asp
Prudential Financial, Inc., Arthur F. Ryan, Richard J. Carbone, Peter B. Sayre, Dennis G. Sullivan, Frederic K. Becker, Gordon M. Bethune, W. Gaston Caperton, III, Gilbert F. Casellas, James G. Cullen, William H. Gray, III, Jon F. Hanson, Constance J. Horner, Karl L. Krapek, James A. Unruh, Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. Incorporated, UBS Securities LLC, Wachovia Capital Markets, LLC, Banc of America Securities LLC, RBC Capital Markets Corporation, J.P. Morgan Securities Inc. and PricewaterhouseCoopers, LLP Noah Haddock U.S. District Court for the District of New Jersey n/a Class action alleges misrepresentations. NOAH HADDOCK, Individually and On Behalf of All Others Similarly Situated, Plaintiff, vs. PRUDENTIAL FINANCIAL, INC., ARTHUR F. RYAN, RICHARD J. CARBONE, PETER B. SAYRE, DENNIS G. SULLIVAN, FREDERIC K. BECKER, GORDON M. BETHUNE, W. GASTON CAPERTON, III, GILBERT F. CASELLAS, JAMES G. CULLEN, WILLIAM H. GRAY, III, JON F. HANSON, CONSTANCE J. HORNER, KARL L. KRAPEK, JAMES A. UNRUH, CITIGROUP GLOBAL MARKETS INC., MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, MORGAN STANLEY & CO. INCORPORATED, UBS SECURITIES LLC, WACHOVIA CAPITAL MARKETS, LLC, BANC OF AMERICA SECURITIES LLC, RBC CAPITAL MARKETS CORPORATION, J.P. MORGAN SECURITIES INC. and PRICEWATERHOUSECOOPERS, LLP, Defendants n/a 14-Apr-2009 www.mortgagedaily.com/InvestorClassActions050109.asp
Radian n.a. n.a. n.a. Class action claiming Radian should have disclosed losses sooner from Credit-Based Asset Servicing and Securitization was dismissed. n.a. n.a. n.a. www.mortgagedaily.com/InvestorClassActions050109.asp
Regions Financial Corporation, Regions Financing Trust III, C. Dowd Ritter, Samuel W. Bartholomew, Jr., George W. Bryan, David J. Cooper, Earnest W. Davenport, Jr., Don Defosset, James R. Malone, Susan W. Matlock, Charles D. McCrary, Claude B. Nielson, Jorge M. Perez, Lee J. Styslinger, III, Spence L. Wilson, John R. Roberts, UBS Securities LLC, Citigroup Global Markets Inc., Merrill Lynch, Pierce Fenner & Smith Incorporated, Wachovia Capital Markets, LLC, Morgan Stanley & Co. Incorporated, Morgan Keegan & Company, Inc. and Ernst & Young, LLP Alfred Fait and preferred shareholders of Regions Financing Trust III U.S. District Court for the Southern District of New York n/a Class action alleges misleading financial statements. Alfred Fait, Individually and on Behalf of All Others Similarly Situated, Plaintiff, vs. REGIONS FINANCIAL CORPORATION, REGIONS FINANCING TRUST III, C. DOWD RITTER, SAMUEL W. BARTHOLOMEW, JR., GEORGE W. BRYAN, DAVID J. COOPER, EARNEST W. DEAVENPORT, JR., DON DEFOSSET, JAMES R. MALONE, SUSAN W. MATLOCK, CHARLES D. MCCRARY, CLAUDE B. NIELSEN, JORGE M. PEREZ, LEE J. STYSLINGER, III, SPENCE L. WILSON, JOHN R. ROBERTS, UBS SECURITIES LLC, CITIGROUP GLOBAL MARKETS INC., MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, WACHOVIA CAPITAL MARKETS, LLC, MORGAN STANLEY & CO. INCORPORATED, MORGAN KEEGAN & COMPANY, INC. and ERNST & YOUNG LLP, Defendants. n/a April 2009 www.mortgagedaily.com/InvestorClassActions050109.asp
Regions Financial Corporation, Regions Financing Trust III, C. Dowd Ritter, Samuel W. Bartholomew, Jr., George W. Bryan, David J. Cooper, Earnest W. Davenport, Jr., Don Defosset, James R. Malone, Susan W. Matlock, Charles D. McCrary, Claude B. Nielson, Jorge M. Perez, Lee J. Styslinger, III, Spence L. Wilson, John R. Roberts, UBS Securities LLC, Citigroup Global Markets Inc., Merrill Lynch, Pierce Fenner & Smith Incorporated, Wachovia Capital Markets, LLC, Morgan Stanley & Co. Incorporated, Morgan Keegan & Company, Inc. and Ernst & Young, LLP Purchasers of the 8.875% Trust Preferred Securities of Regions Financing Capital Trust III U.S. District Court for the Southern District of New York n/a Class action alleges violations of securities laws by offering false and misleading statements. WILLIAM SMITH, Individually and On Behalf of All Others Similarly Situated, Plaintiff, vs. REGIONS FINANCIAL CORPORATION, REGIONS FINANCING TRUST III, C. DOWD RITTER, SAMUEL W. BARTHOLOMEW, JR., GEORGE W. BRYAN, DAVID J. COOPER, EARNEST W. DEAVENPORT, JR., DON DEFOSSET, JAMES R. MALONE, SUSAN W. MATLOCK, CHARLES D. MCCRARY, CLAUDE B. NIELSEN, JORGE M. PEREZ, LEE J. STYSLINGER, III, SPENCE L. WILSON, JOHN R. ROBERTS, UBS SECURITIES LLC, CITIGROUP GLOBAL MARKETS INC., MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, WACHOVIA CAPITAL MARKETS, LLC, MORGAN STANLEY & CO. INCORPORATED, MORGAN KEEGAN & COMPANY, INC. and ERNST & YOUNG LLP, Defendants 09-CV-03161 21-Apr-2009 www.mortgagedaily.com/InvestorClassActions050109.asp www.mortgagedaily.com/InvestorClassActions040909.asp
Stanford Kurland, Angelo Mozilo n.a. n.a. n.a. Dismissal against one defendant. n.a. n.a. n.a. www.mortgagedaily.com/InvestorClassActions050109.asp
StoneWater Mortgage Corp., Karl F.W. Young Gurpreet Jaggi, Thomas Sullivan, Sr., Thomas Sullivan, Jr., Bill Gaylord, Gary Malis, Dominick Marchetti (40 total) First Magnus Litigation Trust, Larry Lattig n.a. $1,000,000,000 Settlement by one defendant. n.a. n.a. 1-Feb-2009 www.mortgagedaily.com/Lawsuits062409.asp, www.mortgagedaily.com/Lawsuits051209.asp
The Wells Fargo Mortgage Backed Securities Series: 2006-AR18, 2006-17, 2006-15, 2006-16, 2006-AR19, 2006-18, 2006-20, 2006-19, 2007-1, 2007-PA1, 2007-2, 2007-AR3, 2007-4, 2007-3, 2007-5, 2007-6, 2007-7, 2007-8, 2007-9, 2007-10, 2007-11, or 2007-12, Wells Fargo Asset Securities Corporation, Wells Fargo Bank, N.A., David Moskowitz, Franklin Codel, Thomas Neary, Douglas K. Johnson, Goldman Sachs & Co., JPMorgan Chase, Inc., as successor-in-interest to Bear, Stearns & Co., Inc., HSBC Securities (USA), Inc., Deutsche Bank Securities, Inc., UBS Securities, LLC, Citigroup Global Markets, Inc., Greenwich Capital Markets, Inc., Barclays Capital, Inc., Banc of America Securities, LLC, Banc of America Corporation, as successor-in-interest to Merrill Lynch, Pierce Fenner & Smith, Inc., Moody's Investor Services, Inc., The McGraw-Hill Companies, and Fitch Ratings, Inc. General Retirement System of the City of Detroit and buyers of the WFMBS Pass-Through Certificates, Series 2006-AR18, 2006-17, 2006-15, 2006-16, 2006-AR19, 2006-18, 2006-20, 2006-19, 2007-1, 2007-PA1, 2007-2, 2007-AR3, 2007-4, 2007-3, 2007-5, 2007-6, 2007-7, 2007-8, 2007-9, 2007-10, 2007-11, or 2007-12 U.S. District Court for the Northern District of California n/a Class action alleges defendants disregarded mortgage loan underwriting guidelines which resulted in higher rates of delinquencies and foreclosures on the underlying collateral. General Retirement System of the City of Detroit v. The Wells Fargo Mortgage Backed Securities 2006-AR18 Trust, et al 3:09-CV-01376-SI 27-Mar-2009 www.mortgagedaily.com/InvestorClassActions040909.asp
Washington Mutual, Inc., Kerry K. Killinger, David C. Schneider, Thomas W. Casey, Stephen J Rotella, Ronald J. Cathcart, John F. Woods, Melissa J. Ballenger, Anne V. Farrell, Stephen E. Frank, Thomas C. Leppert, Charles M. Lillis, Phillip D. Matthews, Regina T. Montoya, Michael K. Murphy, Margaret Osmer-McQuade, Mary E. Pugh, William G. Reed, Orin C. Smith, James H. Stever, Willis B. Wood, Jr, Deloitte & Touche LLP, Goldman Sachs & Co., Morgan Stanley & Co Incorporated, Deutsche Bank Securities Inc., Lehman Brothers Inc., UBS Securities LLC, Banc of America Securities LLC, JP Morgan Securities Inc., Barclays Capital Inc., Keefe, Bruyette & Woods, Inc., Cabrera Capital Markets, LLC, The Williams Capital Group, L.P., Citigroup Global Markets, Inc., Greenwich Capital Markets, Inc., BNY Capital Markets, Inc., Samuel A. Ramirez & Company, Inc., Credit Suisse (USA) LLC, and Mike Amato" Ontario Teachers' Pension Board and other buyers of the company's securities U.S. District Court for the Southern District of New York n/a Defendant allegedly failed to disclose information that turned out to be harmful to shareholders. Koesterer vs. Washington Mutual, Inc. Docket # 07-CV-09801 21-Oct-2008 www.mortgagedaily.com/InvestorClassActions040909.asp
Wells Fargo Asset Securities Corporation, Wells Fargo Bank, N.A.., David Moskowitz, Franklin Codel, Thomas Neary, Douglas K. Johnson, Goldman, Sachs & Co., Morgan Stanley & Co., Inc., JPMorgan Chase, Inc., HSBC Securities (USA), Inc., Credit Suisse Securities (USA), LLC, Deutsche Bank Securities, Inc., UBS Securities, LLC, Citigroup Global Markets, Inc., Greenwich Capital Markets, Inc., Barclays Capital, Inc., Bank of America Securities, LLC, Bank of America Corporation, Moody's Investors Service, Inc., McGraw-Hill Companies, Inc., Fitch, Inc. and Wells Fargo Mortgage Backed Securities 2006-AR1 Trust New Orleans Employees' Retirement System and other purchasers of Wells Fargo Asset Securities Corporation's Mortgage Pass-Through Certificates U.S. District Court for the Northern District of California n/a Class action filed in connection with Wells Fargo Asset Securities Corporation allegedly misleading investors about the quality of loans. New Orleans Employees' Retirement System, Individually and on Behalf of All Others Similarly Situated, Plaintiff, v. Wells Fargo Asset Securities Corporations, et al, Defendants 3:2009cv1620 13-Apr-2009 www.mortgagedaily.com/InvestorClassActions050109.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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