|
Defendant
|
Plaintiff
|
Court
|
Amount
|
Overview
|
Case Title
|
Case Number |
Date Filed |
Link to Story |
| Morgan Stanley & Co. Inc.; Citigroup Global Markets Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.; UBS Securities LLC; Banc of America Securities LLC; SunTrust Robinson Humphrey, Inc.; Ernst & Young LLP |
Belmont Holdings Corp. |
U.S. District Court for the Northern District of Georgia |
n/a |
Motion to dismiss granted to defendants. Class action alleging that defendants misled investors about the nature of its exposure to high-risk loans in the housing market. |
Belmont Holdings Corp. v. Suntrust Banks, Inc. et al. |
1:09-cv-1185-WSD |
9/10/10 |
https://www.mortgagedaily.com/LitigationInvestor091310.asp |
| Wachovia Bank, National Association, Wells Fargo & Company and Metropolitan West Securities, LLC |
City of St. Petersburg, Florida |
Florida Middle District Court |
n/a |
Defendants motion to dismiss granted in case alleging breach of contract, breach of fiduciary duty, negligence, and violation of two state statutes in connection with an investment in Lehmann Brothers. |
City of St. Petersburg, Florida v. Wachovia Bank, National Association et al. |
8:10-cv-683-T-26TBM |
7/27/10 |
https://www.mortgagedaily.com/LitigationInvestor091310.asp |
| Morgan Keegan & Co.; Morgan Asset Management, Inc.; Regions Financial Corp.; and James C. Kelsoe, Jr. |
Consulting Services Group, LLC |
U.S. District Court for the Western District of Tennessee Western Division |
n/a |
Order to remand lawsuit to the Circuit Court for Shelby County, Tennessee was granted. Plaintiff alleges that fund manager fraudulently induced Plaintiff to recommend funds to its clients and to hold those investments. |
In re Regions Morgan Keegan Securities, Derivative, and ERISA Litigation |
10-02045 MDL 2009 |
6/2/10 |
https://www.mortgagedaily.com/LitigationInvestor091310.asp |
| Lynda S. Steele |
John C. Brown et al. |
Cumberland County Superior Court |
$3,600,000 |
Former loan officer was ordered by a judge to pay investors $3.6 million for misuse of investment funds. |
n/a |
n/a |
6/2/09 |
https://www.mortgagedaily.com/LitigationInvestor091310.asp |
| Morgan Keegan & Co.; Morgan Asset Management , Inc. |
n/a |
U.S. District Court for the Western District of Tennessee |
n/a |
Judge Samuel H. Mays, Jr. issued an order setting a July 2, 2010 deadline as the date to file motions for lead plaintiff for investors who purchased shares of closed-end mutual funds administered by Morgan Keegan & Company. The complaint alleges that Morg |
In re Regions Morgan Keegan Securities, Derivative, and ERISA Litigation |
Nos. 07-02830, MDL 2009 |
6/19/10 |
https://www.mortgagedaily.com/LitigationInvestor091310.asp |
| Ernst & Young LLP; PricewaterhouseCoopers LLP; Roth Capital Partners, LLC; C. Paul Sandifur, Jr.; Thomas Turner; Robert Ness; William Snider; and Irv Marcus |
n/a (class action) |
U.S. District Court for the Eastern District of Washington |
$38,000,000 |
Settlement in case where plaintiffs allege that certain officers and directors of Metropolitan and Summit, as well as certain professional organizations that provided services to Metropolitan and Summit, violated federal and state securities laws. |
In re Metropolitan Securities Litigation |
CV-04-0025-FVS |
1/20/04 |
https://www.mortgagedaily.com/LitigationInvestor091310.asp |
| Countrywide Financial Corp.; Angelo Mozilo; David Sambol; Eric Sieracki |
New York State Common Retirement Fund et al. |
U.S. District Court for the Central District of California |
$600,000,000 |
Judge preliminarily approved $600 million settlement in which Countrywide Financial Corporation agreed to pay $600 million to settle several class action lawsuits brought by former stockholders accusing the company of securities fraud. |
In re Countrywide Financial Corp. Securities Litigation |
07-05295 |
8/2/10 |
https://www.mortgagedaily.com/LitigationInvestor091310.asp |
| Citigroup Inc. et al. |
Robert L. Buckingham, Individually and On Behalf of all Others Similarly Situated |
U.S. District Court for the Southern District of New York |
n/a |
Plaintiffs who hold Citigroup bonds allege that in 48 bond offerings between May 2006 and August 2008, Citigroup did not fully disclose its “toxic mortgage-linked exposures.” Judge granted approval to proceed with class action lawsuit. |
In re Citigroup Inc. Bondholders’ Litigation |
08 Civ. 9522 |
5/7/09 |
https://www.mortgagedaily.com/LitigationInvestor091310.asp |
| Countrywide Financial Corp; Angelo Mozilo; David Sambol; Eric Sieracki; Bank of America; Ken Lewis |
SRM Global Fund Limited |
U.S. District Court for the Southern District of New York |
n/a |
Judge granted motion to dismiss in suit by hedge fund against Countrywide for alleged securities law violations. |
SRM Global Fund Limited Partnership v. Countrywide Financial et al. |
No. 09-06064 |
6/17/10 |
https://www.mortgagedaily.com/LitigationInvestor091310.asp |
| Bank of America Corporation, Kenneth D. Lewis; Joseph L. Price; Neil A. Cotty |
Thomas DiNapoli, as Comptroller of the state of New York and head of the New York State and Local Retirement Systems and as Sole Trustee of the New York State Common Retirement Fund. |
U.S. District Court for the Southern District of New York |
n/a |
Complaint filed alleging defendants concealed Merrill’s exposure to risky mortgage-backed securities before the two companies merged. |
DiNapoli v. Bank of America Corp. et al. |
10-cv-05563 |
7/22/10 |
https://www.mortgagedaily.com/LitigationInvestor091310.asp |
| Merrill Lynch & Co., Inc.; E. Stanley O’Neal; and Jeffrey N. Edwards |
Thomas DiNapoli, as Comptroller of the state of New York and head of the New York State and Local Retirement Systems and as Sole Trustee of the New York State Common Retirement Fund. |
U.S. District Court for the Southern District of New York |
n/a |
Complaint filed alleging that defendants concealed Merrill’s exposure to risky mortgage-backed securities before the two companies merged. |
DiNapoli v. Merrill Lynch & Co. Inc. |
10-cv-05562 |
7/22/10 |
https://www.mortgagedaily.com/LitigationInvestor091310.asp |
| Countrywide Financial Corp; Citigroup Global Markets Inc.; Goldman Sachs & Co.; JP Morgan Securities Inc. |
Iowa Public Employees’ Retirement System; Oregon Public Employees’ Retirement System; Orange County Employees’ Retirement System |
U.S. District Court for the Central District of California |
$350,000,000,000 |
Amended and consolidated class action complaint filed against Countrywide alleged that defendant published false and misleading offering documents. |
Main State Retirement System, Individually and On Behalf of All Others Similarly Situated v. Countrywide Financial Corp et al. |
No. 2:10-cv-00302-MRP-MAN |
1/14/10 |
https://www.mortgagedaily.com/MbsLitigation072610.asp |
| Citigroup Inc. |
n/a |
U.S. District Court for the Southern District of New York |
n/a |
Defendant’s motion to dismiss was granted in part and denied in part. Defendant was accused of making false and misleading statements in a public offering on several bond issuances totaling $71B. |
In re Citigroup Inc. Bond Litigation |
08 Civ. 9522 |
7/12/10 |
https://www.mortgagedaily.com/MbsLitigation072610.asp |
| Robert A. Sivaro, Bill Cheney, Sue Longson, Robert Burrell, Timothy Sidley, Robert H. Harvey, Jr., James Jordan, Timothy Kramer, Robin Lentz, John Merlo, Gordon Dames, William Cheney, Warren Nakamura, Brian Osberg, David Rhamy, Sharon Updike, Todd Lane, T |
National Credit Union Administration Board as Conservator for Western Corporate Federal Credit Union |
U.S. District Court for the Central District of California |
$2,300,000,000 |
The NCUA is suing former executives of Western Corporate Credit Union for fraud. |
National Credit Union Administration Board v. Sivaro, et al. |
No. CV10-01597 GW |
8/31/10 |
https://www.mortgagedaily.com/MctLawsuitNcua090310.asp, https://www.mortgagedaily.com/LitigationInvestor091310.asp |
| Wells Fargo, NA |
Sarasota County, FL |
Sarasota County Circuit Court UPDATE: removed to U.S. District Court for the Middle District of Florida 7/19/10 |
$40,000,000 |
Complaint filed alleging improper investment advice with regard to the county’s securities lending portfolio. |
County of Sarasota v. Wells Fargo Bank, N.A. |
2010 CA 006579 NC |
6/23/10 |
https://www.mortgagedaily.com/LitigationInvestor091310.asp |
| Goldman, Sachs & Co.; Fabrice Tourre |
Securities and Exchange Commission |
U.S. District Court for the Southern District of New York |
$550,000,000 |
Settlement with the SEC where defendant allegdly misstated and omitted key facts regarding a collateralized debt obligation it marketed that was tied to the performance of subprime residential mortgage-backed securities. |
SEC v. Goldman, Sachs & Co. |
No. 10 Civ. 3229 |
4/16/10 |
https://www.mortgagedaily.com/MbsLitigation072610.asp |
| Scott Van Dellen, Richard Koon, Kenneth Shellem, William Rothman |
FDIC |
U.S. District Court for the Central District of California |
$300,000,000 |
FDIC took over for IndyMac Bank and is suing former executives for granting loans to homebuilders and developers who were unlikely to be able to repay. |
FDIC v. Van Dellen, et al. |
No. 2:10-cv-04915-DSF-SH |
7/2/10 |
https://www.mortgagedaily.com/MctLawsuitIndymac071410.asp |
| Citigroup Inc. |
Securities and Exchange Commission |
U.S. District Court for the District of Columbia |
$75,000,000 |
Settlment in case allegin that defendants failed to disclose to investors nearly $40 billion in subprime mortgage assets in 2007. But settlement was held up by a federal judge last month who seeks more documents supporting the agreement. |
Securities and Exchange Commission v. Citigroup, Inc. |
1:10-cv-01277-ESH |
7/29/10 |
https://www.mortgagedaily.com/LitigationInvestor091310.asp |
| CM Capital Services |
State of Nevada |
n/a |
$200,000 |
Defendant agreed in a settlement to pay administrative fine and overhaul its funding procedures. |
n/a |
n/a |
7/23/10 |
https://www.mortgagedaily.com/MctCmCapital072310.asp, https://www.mortgagedaily.com/mctcmcapital072210.asp |
| Brad A. Morrice, Patti M. Dodge, David N. Kenneally |
Securities and Exchange Commission |
U.S. District Court for the Central District of California |
$1,500,000 |
Former New Century Financial Corporation executives settled with the SEC over allegations that they made materially misleading financial statements. |
SEC v. Morrice, et al. |
No. SACV09-01426 JVS |
12/7/09 |
https://www.mortgagedaily.com/SettlementSecNewCentury073010.asp |
| New Century Financial Corp. |
New York State Teachers’ Retirement System et al. |
U.S. District Court for the Central District of California |
$125,000,000 |
Judge preliminarily approved $125 million settlement agreement between shareholders, former officers and directors of subprime mortgagor, New Century Financial Corp. |
In re New Century Financial Corp. Securities Litigation |
No. 07-0931, C.D. California |
8/9/10 |
https://www.mortgagedaily.com/LitigationInvestor091310.asp |
| Lynda S. Steele |
n/a |
n/a |
n/a |
Former loan officer who was successfully sued by group of investors is now facing criminal charges for lying to investors to obtain funding and then using the funds for purposes other than the proposed investment. |
n/a |
n/a |
7/29/10 |
https://www.mortgagedaily.com/LitigationInvestor091310.asp |
| Thomas Priore; ICP Asset Management, LLC; ICP Securities, LLC; Institutional Credit Partners, LLC |
Securities and Exchange Commission |
United States District Court for the Southern District of New York |
$11,000,000,000 |
SEC sued collateral management company and its founder for fraudulently managing an $11B pool of mortgage-backed CDOs. |
SEC v. Priore |
n/a |
6/21/10 |
https://www.mortgagedaily.com/MbsLitigation072610.asp |
