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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
Third 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
Countrywide Financial Corp., Henry G Cisneros, Jeffrey M Cunningham, Robert J Donato, Michael E Dougherty, Edwin Heller, Oscar P Robertson, Harley W Snyder, Marshall M Gates and John and Jane Does 1-20 Vincent Alvidres, Individually and on Behalf of All Others Similarly Situated U.S. District Court for the Central District of California n/a A federal judge has temporarily approved a settlement of a class action brought by employees of Countrywide who participated in defendant's 401(k) savings and investment plan, and who bought or sold Countrywide securities through the plan between Jan. 31, 2006, and July 1, 2008. The class action alleged violations of ERISA. Vincent Alvidres v. Countrywide Financial Corporation et al. No. 2:2007cv05810 9/6/2007 www.mortgagedaily.com/InvestorLawsuits090309.asp
Michael Lee Wilson The People of the State of California Santa Barbara County Superior Court, Santa Maria Division n/a The District Attorney's office filed an amended complaint against Wilson alleging 147 felony counts for selling a security under a misrepresentation, grand theft, and forgery. The claims include mortgage fraud by forging deeds of trust, fabrication of checks, and violations of the California Penal Code related to theft from elders and/or dependent adults. Wilson could spend more than 50 years in California state prison if convicted. California v. Wilson 09-07-225191 7/14/2009 www.mortgagedaily.com/ArrestPacificCoast071409.asp
David Arthur Nilsen; Manoel Antonio Errico United States of America U.S. District Court for the Northern District of California, San Jose Division n/a David A. Nilsen, owner and operator of Cedar Funding, Inc., and Manoel A. Errico, a loan servicing manager, are accused of providing fraudulent statements to investors, providing loan extensions to borrowers that were in violation of servicing agreements, and failing to record the assignment of liens in violation of servicing agreements. In all, investors are expected to lose more than $100 million. United States v. Nilsen et al. CR 09-0895 9/8/2008 www.mortgagedaily.com/IndictmentCedarFunding091409.asp
Howard Walder, Berta Walder, Tom Hirsh, Harish Shah, Radical Bunny LLC Securities and Exchange Commission US District Court for District of Arizona na Four individuals are charged with promoting fraudulent investments, assuring investors that funds would be invested in a broad range of commercial real estate ventures while limiting investments to a small batch of high risk investments. Fund in addition failed to register with SEC. SEC v. Radical Bunny LLC, et al Case No. 2:09-cv-01560-SRB 7/28/2009 www.mortgagedaily.com/SecMtgLtd072809.asp
Countrywide Financial Corporation, Countrywide Home Loans, Inc. and Countrywide Home Loans Servicing LP Greenwich Financial Services Distressed Mortgage Fund 3 LLC and QED LLC, on behalf of themselves and all others similarly situated New York Southern District Court, New York Supreme Court n/a Bank of America Corp. was unsuccessful in removing a class action filed on Dec. 1, 2008, in New York's State Supreme Court regarding an $8.4 billion predatory lending settlement with several states for loans closed by Countrywide Financial Corp. Greenwich Financial Services Distressed Mortgage Fund 3 LLC et al v. Country Financial Corporation et al. No. 1:2008cv11343 12/30/2008 www.mortgagedaily.com/InvestorLawsuits090309.asp
Downey Financial Corp., Daniel D. Rosenthal, Maurice L. McAlister and Brian E. Cote Stephen J Mihalacki U.S. District Court for the Central District of California n/a A class action dismissed because the plaintiffs could not prove that defendants misled investors. Stephen J Mihalacki v. Downey Financial Corp. et al. No. 8:2008cv00609 6/2/2008 www.mortgagedaily.com/InvestorLawsuits090309.asp
Merrill Lynch & Co. Luminent Mortgage Capital Inc. U.S. District Court for the Eastern District of Pennsylvania n/a A class action was dismissed on the grounds that plaintiffs had no facts to support claim that misrepresentations in 2005, and not a "profound" downturn in the mortgage market, was the cause of their losses. Luminent Mortgage Capital, Inc. et al. v. Merrill Lynch & Co., Inc. et al. No. 2:2007cv05423 12/24/2007 www.mortgagedaily.com/InvestorLawsuits090309.asp
Suntrust Banks, Inc. Investors who purchased SunTrust Capital IX 7.875% Trust Preferred Securities U.S. District Court for the Northern District of Georgia n/a Class action alleges violations of the Securities Exchange Act of 1933 for failing to disclose the impaired nature of its mortgage-related securities and overstating its capital position. n/a n/a n/a www.mortgagedaily.com/InvestorLawsuits090309.asp
Citigroup Inc. Tramont Guerra & Nunez PA U.S. District Court for the Southern District of New York n/a An amended consolidated claim alleges that the defendant employed fraudulent schemes to represent that mortgage-related securities risks it faced had been eliminated, spread or hedged. Tillie Saltzman, et al. v. Citigroup Inc., et al. No. 07 CV 09901 2/20/2009 www.mortgagedaily.com/InvestorLawsuits090309.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, Individually and on Behalf of All Others Similarly Situated U.S. District Court for the Southern District of New York n/a Defendants allegedly misled investors in a March 6, 2006, registration statement about the quality of the underwriting and appraisals on the underlying loans. Pension Trust Fund For Operating Engineers et al. v. Structured Asset Mortgage Investments II, Inc. et al. No. 1:2009cv06172 7/9/2009 www.mortgagedaily.com/InvestorLawsuits090309.asp
William Betta Jr., Travis A. Branch, James J. Caprio, Troy L. Gagliardi, Russell M. Kautz, Barry M. Kornfeld, Shane A. McCann, Clifford A. Popper, Alfred B. Rubin and Steven I. Shrago Securities and Exchange Commission U.S. District Court for the Southern District of Florida n/a Defendants are charged with falsely marketing investments in MBS derivatives as safe and suitable for retirees and others with conservative investment goals. Securities and Exchange Commission v. Betta et al. No. 9:2009cv80803 5/28/2009 www.mortgagedaily.com/InvestorLawsuits090309.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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