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Defendant
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Plaintiff
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Court
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Amount
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Overview
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Case Title
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Jean Wan |
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Shareholder seeks to block the sale of Accredited to Lone Star because share price undervalues the true value of the subprime lender |
Wan vs. Accredited Home Lenders Holding Co., et al. |
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“Goldman Scarlato & Karon P.C. |
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Investor class action suit against Accredited claims the company issued a series of materially false and misleading statements regarding the company’s business and financial results. |
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Susman Heffner & Hurst LLP |
New York |
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American Home accused of providing overstated financial results and concealed the credit risk it faced up until the end of July, when it announced its inability to fund its lending obligations |
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| American Home Mortgage Corp. | Murray, Frank & Sailer LLP | New York | . | Secondary offering lawsuit | . |
| American Home Mortgage Corp. | Glancy Binkow & Goldberg | New York | . | Suit on behalf of investors who acquired shares between April 26, 2006, and July 30, 2007 | . |
| American Home Mortgage Corp. | Lockridge Grindal Nauen PLLP | New York | . | Suit on behalf of shareholders between July 26, 2006, and July 27, 2007 | . |
| American Home Mortgage Investment Corp. | Zwerling, Schachter & Zwerling LLP | . | . | AHMC accused of issuing misleading financial statements | . |
| An affiliate of Lone Star Fund V | Accredited Home Lenders Holding Co | . | . | Accredited seeks to force the investment firm to complete its acquisition of Accredited | . |
| Bancorp, JP Morgan, Credit Suisse, Bear Stearns and Morgan Stanley | George L. Miller, trustee for American Business Financial Services | Philadelphia Court of Common Pleas | $50 million | Trustee for a bankrupt subprime lender files suit for damages, including underwriting fees, interest and other sums, that was purportedly fraudulently transferred to the five banks named as defendants or their subsidiaries by American Business Financial Services after the lender became insolvent | . |
| Bear Stearns | Klayman & Toskes P.A. | . | . | Lawsuit similar to Brookstreet but represented are investors of Bear Stearns’ High-Grade Structured Credit Strategies and High-Grade Structured Credit Strategies Enhanced Leverage Funds | . |
| Brookstreet Securities Corp. | Klayman & Toskes P.A. | National Association of Securities Dealers | $1 million | Brookstreet allegedly misrepresented risky collateralized mortgage obligations as “safe investments.” | . |
| Cerberus Capital Management, Aegis Mortgage Corp., 8 Aegis directors, Madeleine LLC | D. Richard Thompson | Harris County, Texas, 295th Judicial District Court | . | Former chief of Aegis Mortgage Corp. sues the company’s owner, Cerberus, claiming that Cerberus breached their numerous fiduciary obligations to Aegis and its minority shareholders “through misappropriation, mismanagement and misconduct” | . |
| Citigroup Inc. | Coughlin Stoia Geller Rudman & Robbins | U.S. District Court of New York, Southern District | . | Citigroup accused of making materially false and misleading statements on its financials | . |
| Coast Bank of Florida | . | . | . | Shareholder suit | . |
| Countrywide | Finkelstein & Krinsk | . | . | Countrywide accused of issuing materially false and misleading information on its financial condition that caused shares to trade at artificially inflated prices | . |
| Countrywide | Scott & Scott LLP | . | . | Suit filed on behalf of common stock purchasers between Oct. 24, 2006 and Aug. 9, 2007 alleging that the lender misled investors | . |
| Countrywide | Lerach Coughlin Stoia Geller Rudman & Robbins LLP | . | . | Shareholder lawsuit. | . |
| Countrywide Capital V, Countrywide Financial Corp. and certain company executives | Lockridge Grindal Nauen P.L.L.P and Kaplan Fox & Kilsheimer LLP | . | . | Lender allegedly misled investors through materially false statements of its business and financial condition | . |
| Countrywide Financial Corp. | Comptroller Thomas P. DiNapoli and New York City Comptroller William C. Thompson | U.S. District Court, California | . | Countrywide accused of inflating its stock price through material misstatements and omissions on its lending practices | . |
| Countrywide Financial Corp. | Goldman Scarlato & Karon P.C. | . | . | Countrywide supposedly investors by falsely representing that it had “strict and selective underwriting and loan origination practices, amply liquidity that would not be jeopardized by negative changes in the credit and housing markets, and a conservative approach that set it apart from other mortgage lenders.” | . |
| Danny Edward Moudy, the former chief executive officer of United Capital Mortgage Corp. Inc | SEC | . | $378,000 | Cease and desist order issued against former chief of a defunct mortgage lender UCAP, Inc. for cooking the books | . |
| E*TRADE Financial Corp. | Schiffrin Barroway Topaz & Kessler LLP | . | . | E*TRADE and some of its officers and directors allegedly misrepresented material adverse facts about its financial position and earnings | . |
| Fannie Mae | . | . | . | Shareholders who sued Fannie Mae to hold its board members and former executives personally responsible for a multi-billion dollar accounting scandal have lost their bid in court | . |
| Fannie Mae | . | U.S. District Court, District of Columbia | . | Federal court dismisses consolidated shareholder derivative lawsuit against certain current and former officers and directors of Fannie Mae which alleged breach of fiduciary duty | . |
| Fieldstone Investment Corp. | . | . | $10.6 million | Fieldstone pays former shareholders to settle litigation relating to the price the company paid to redeem the shareholders’ shares following the closing of Fieldstone’s Rule 144A equity offering in 2003 | . |
| Fieldstone Investment Corp. | . | Circuit Court for Howard County, Md. | . | Class action lawsuit alleges the price being paid by Credit-Based Asset Servicing, or C-BASS, to acquire Fieldstone is inadequate | . |
| Franklin Raines, former Fannie Mae CEO | Office of Federal Housing Enterprise Oversight | U.S. District Court, Washington, DC | . | Fannie Mae’s regulator’s lawsuit against its former CEO and other former executives seeks hundreds of millions of dollars | . |
| Freddie Mac | Charles H. Johnson & Associates | . | . | Freddie accused of making false and misleading statements concerning its business, risk management and procedures for protection against mortgage industry problems | . |
| Fremont General Corp. | Cohen, Milstein, Hausfeld & Toll P.L.L.C. | . | . | Fremont accused of issuing numerous materially false and misleading statements that caused its securities to trade at artificially inflated prices | . |
| Greenwich Capital, Ocwen Financial Corp. | George Miller, trustee for American Business Financial Services | . | . | Bankruptcy trustee for American Business Financial Services proceeds with lawsuit accusing seven former officers and directors of Greenwich of breeching their fiduciary duty and conflicts of interest and accusing Ocwen of aiding and abetting Greenwich its alleged deception about ABFS’ condition | . |
| Hendrix Montecastro, James Duncan, The Total Return Fund LLC | . | California | . | Two people who promised to invest funds in real estate, allegedly used the money to pay for personal activities and fund offshore accounts | . |
| Impac Mortgage Holdings Inc. | . | U.S. District Court, District of California (filed 2006, dismissed w/o prejudice 2007) | . | Shareholders accused company executives of withholding negative news about the company’s finances in order to inflate the stock price | . |
| Impac Mortgage Holdings Inc. | Schiffrin Barroway Topaz & Kessler LLP | United States District Court for the Central District of California | . | Lender was accused of failing to disclose or misrepresenting material adverse facts about its financial condition | Abrams v. Impac Mortgage Holdings, Inc |
| KPMG | Fannie Mae | U.S. District Court for the District of Columbia | $2 billion | Lawsuit against KPMG alleges accounting firm is to blame for the mistakes made in the financial statements that led Fannie to restate its earnings | . |
| Luminent | Berger & Montague P.C. | . | . | Luminent accused of failing to disclose or misrepresenting material adverse facts about its financial situation | . |
| Luminent Mortgage Capital Inc. | Dreier LLP | . | . | REIT sued for allegedly misleading investors about its business and financial results | . |
| Luminent Mortgage Capital Inc. | Brodsky & Smith LLC | . | . | Securities class action suit alleges Luminent artificially inflated its price by issuing a series of material misrepresentations to the market | . |
| Merrill Lynch & Co. Inc. | . | U.S. Distirct Court, Southern District of New York | . | Merrill Lynch accused of misleading and materially false financial statements because it failed to disclose the true extent of its exposure to collateralized debt obligations containing subprime debt and losses arising from such investments | 07-cv-10984 |
| Moody’s Corp., Linda S. Huber | . | U.S. District Court in New York | . | Moody’s Corp and its chief financial officer accused of assigning excessively high ratings to bonds backed by risky subprime mortgages which were materially misleading to investors | . |
| NetBank Inc. | Schoengold Sporn Laitman & Lometti P.C. | Class action | . | NetBank allegedly made materially false and misleading statements to artificially inflate the value of its stock | . |
| New Century Financial Corp. | Nobel Izard P.C., Roy Jacobs & Associates | U.S. District Court for the Central District of California | . | New Century accused of making false and misleading statements and omissions regarding its operations and financial results for the first three quarters of 2006. | . |
| New Century Financial Corp. | Lerach Coughlin Stoia Geller Rudman & Robbins LLP | U.S. District Court for the Central District of California | . | New Century accused of making false and misleading statements and omissions regarding its operations and financial results for the first three quarters of 2006. | . |
| New Century Financial Corp. | Saxena White P.A. | U.S. District Court for the Central District of California | . | “New Century accused of making false and misleading statements and omissions regarding its operations and financial results for the first three quarters of 2006. | . |
| NovaStar Financial, Inc. | Cauley Bowman Carney & Williams PLLC | U.S. District Court for the Western District of Missouri | . | Novastar faces lawsuit alleging that the company issued a series of material misrepresentations to the market which had the effect of artificially inflating the market price | . |
| OneCap Mortgage Corp. | . | . | $250,000 administrative fine | Cease and desist order issued against OneCap Mortgage Corp. to stop making illegal, unsecured loans that were presented to investors as loans secured by real estate | . |
| Patrick S. Flood and Kevin D. Race | Investors | . | . | Top executives accused of multiple securities law violations, including misrepresenting liquidity position and the risk of loss to investors | . |
| Thornburg Mortgage Inc. | Scott & Scott LLP, Brodsky & Smith LLC, Abbey Spainier Rodd & Abrams LLP | Class action | . | Thornburg is accused of issuing false and misleading statements to artificially inflate the value of its stock. | . |
| Thornburg Mortgage Inc. | Wolf Haldenstein Adler Freeman & Herz LLP | . | . | Thornburg aleged to have made false and misleading statements that artificially inflated stock | . |
| Thornburg Mortgage Inc. | Kenneth Z. Slater | U.S. District Court in New Mexico | . | Thornburg allegedly inflated its stock price of through misleading statements about its financial situation | . |
| Tidwell DeWitt LLC | Southern Lenders Mortgage Corp. | Fulton County Superior Court, Georgia | $4 million | Georgia mortgage company Southern Lenders has sued its former auditing company for failing to detect the embezzlement | . |
| Washington Mutual | Coughlin Stoia Geller Rudman & Robbins | . | . | WaMu accused of issuing materially false and misleading statements or failing to disclose important information regarding its business and financial condition | . |
| Washington Mutual Inc. | Hagens Berman Sobol Shapiro LLP | . | . | WaMu allegedly artificially inflated mortgage underwriting and origination volume, under-reported its true costs, failed to take adequate reserves for mortgages, conspired to inflate property appraisals that served to manipulate accounting for revenues | . |
| Washington Mutual, National City, Countrywide Home Loans, et al. | Charles Forman, bankruptcy trustee for NJ Affordable Homes | . | . | Bankruptcy trustee seeks to set aside liens held by mortgage lenders including Washington Mutual and National City for their alleged negligent underwriting of fraudulent loans from a now bankrupt company that bilked 490 investors of $40 million | . |
