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Mortgage Investor Lawsuits Fourth Quarter 2008 Mortgage Litigation Report

Mortgage News

Defendant
Plaintiff
Court
Amount
Overview
Case Title
Case Number Date Filed Link to Story
National City Corp., Peter E. Raskind, David A. Daberko and Jeffrey D. Kelly Senior Convertible Note Investor U.S. District Court for the Northern District of Ohio, Eastern Division $20,000,000,000 Lawsuit accuses the defendants of misrepresenting the quality of $20 billion in residential mortgages. na na 2008 www.mortgagedaily.com/InvestorLawsuits123008.asp
NovaStar Financial Inc. na U.S. District Court for the Western District of Missouri $7,000,000 Without admitting fault, NovaStar Financial Inc. has agreed to pay more than $7 million to settle a pending investor class action. na na na www.mortgagedaily.com/InvestorLawsuits123008.asp
Wachovia, its directors, and Wells Fargo Irving Ehrenhaus Superior Court for the County of Mecklenburg, North Carolina na A class action lawsuit that challenged the acquisition of Wachovia Corp. by Wells Fargo & Co. has been settled by Wachovia. Irving Ehrenhaus v. John D. Baker, et al. na na www.mortgagedaily.com/InvestorLawsuits123008.asp
Fannie Mae Common stock investors from April 17, 2007, until November 2008 U.S. District Court for the District of Columbia na “An investor class action was commenced against Fannie Mae; the lawyers seek to include investors of common stock from April 17, 2007, until now. na na na www.mortgagedaily.com/Mergers111108.asp
GARRETT THORNBURG, LARRY A. GOLDSTONE, ANN-DRUE M. ANDERSON, DAVID A. ATER, JOSEPH H. BADAL, ELIOT R. CUTLER, MICHAEL B. JEFFERS, IKE KALANGIS, FRANCIS I. MULLIN, III, STUART C. SHERMAN, DAVID J. MATLIN, MARK R. PATTERSON, THOMAS COOLEY, MP TMAC LLC, MP TMA, CAYMAN) LLC, MATLIN PATTERSON LLC, d/b/a MATLINPATTERSON GLOBAL ADVISERS LLC) and THORNBURG MORTGAGE, INC. CURTIS W. RONEY JR. and investors who tendered shares of Thornburg Series C, D, E or F preferred stock of Thornburg Mortgage Inc. U.S. District Court for the District of New Mexico na A class-action lawsuit was filed on behalf of investors who tendered shares of Thornburg Series C, D, E or F preferred stock of Thornburg Mortgage Inc. In addition to Thornburg, directors and MatlinPatterson LLC are accused of violating federal securities laws. CURTIS W. RONEY, JR., on behalf of himself and all others similarly situated, Plaintiff, vs. GARRETT THORNBURG, LARRY A. GOLDSTONE, ANN-DRUE M. ANDERSON, DAVID A. ATER, JOSEPH H. BADAL, ELIOT R. CUTLER, MICHAEL B. JEFFERS, IKE KALANGIS, FRANCIS I. MULLIN, III, STUART C. SHERMAN, DAVID J. MATLIN, MARK R. PATTERSON, THOMAS COOLEY, MP TMAC LLC, MP TMA (CAYMAN) LLC, MATLIN PATTERSON LLC (d/b/a MATLINPATTERSON GLOBAL ADVISERS LLC) and THORNBURG MORTGAGE, INC., Defendants. na na www.mortgagedaily.com/Mergers110308.asp
Ace Mortgage and Countrywide Home Loans na na na The lawsuit was alleged breach of fiduciary duty. na na August 12, 2008 www.mortgagedaily.com/ClosureAce102808.asp
Bear Stearns & Co. and JP Morgan Securities Inc. Purchasers of Fannie Mae Preferred Stock, Series S na na Customers of Bear Stearns & Co. and JPMorgan Securities Inc. who held large, concentrated positions in Fannie’s preferred stock are being solicited by the securities law firm of Klayman & Toskes, P.A., to join a class action lawsuit. The complaint alleges the underwriters knew or recklessly disregarded that Fannie was massively undercapitalized because of its over-concentration in subprime investments and Alt-A mortgages. Purchasers of Fannie Mae Preferred Stock, Series S, plaintiffs, v. Bear Stearns & Co. and JPMorgan Securities Inc. Case No. 08-cv-08609 na www.mortgagedaily.com/Mergers102108.asp
Freddie Mac Freddie Mac investors from Nov. 29, 2007, to Aug. 5, 2008 na na Class action lawsuit filed on behalf of individuals who invested in the company’s securities from Nov. 29, 2007, to Aug. 5, 2008 na 08 CV 07281 August 5, 2008 www.mortgagedaily.com/mergers101408.asp
Fannie Mae Investors who purchased securities from Dec. 6, 2007, to Sept. 5, 2008 U.S. District Court for the Southern District of New York na Class action lawsuit alleges that Fannie issued a series of material misrepresentations that had the effect of artificially inflating the market price. na na na www.mortgagedaily.com/mergers101408.asp
Goldman Sachs & Co., Goldman Sachs Mortgage Company, GS Mortgage Securities Corp., GSAA Home Equity Trust NECA-IBEW HEALTH & WELFARE FUND U.S. District Court for the Southern District of New York na Class action filed on behalf of investors in some GS Mortgage Securities Corp. securitizations issued last year; defendants allegedly filed a fraudulent registration statement with the SEC on Jan. 31, 2007. NECA-IBEW HEALTH & WELFARE FUND, Individually and On Behalf of All Others Similarly Situated vs. GOLDMAN, SACHS & CO., et al. na Dec. 11, 2008 www.mortgagedaily.com/InvestorLawsuits123008.asp
Credit-Based Asset Servicing and Securitization LLC, Merrill Lynch Mortgage Investors Inc. and some officers and directors, as well as the issuers and underwriters of the certificates. IRON WORKERS LOCAL NO. 25 PENSION FUND U.S. District Court for the Southern District of New York na The defendants allegedly filed an SEC registration that misled investors about underwriting standards, LTVs, DTI ratios and appraisals on the underlying loans. IRON WORKERS LOCAL NO. 25 PENSION FUND, Individually and On Behalf of All Others Similarly Situated vs. CREDIT-BASED ASSET SERVICING AND SECURITIZATION LLC, et al. na na www.mortgagedaily.com/InvestorLawsuits123008.asp

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