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Regulatory Lawsuits – Third-Quarter 2010 Mortgage Litigation Index

Mortgage Daily

Published On: December 13, 2010
Regulatory Lawsuits
Third-Quarter 2010 Mortgage Litigation Index
Lawsuits by or against regulatory agencies.

 
Defendant
Plaintiff
Court
Amount
Overview
 Case Title
Case Number
 Date Filed Link to StoryLink to Story
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
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

 

 

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