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Mortgage Investor Lawsuits First Quarter 2009 Mortgage Litigation Report

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Defendant
Plaintiff
Court
Amount
Overview
Case Title
Case Number Date Filed Link to Story
Triad Guaranty Inc. Common shareholders U.S. District Court for the Middle District of North Carolina na Investors who bought the company’s common stock between Oct. 26, 2006 and Nov. 10, 2008 allege Triad did not adequately account for loss reserves, failed to engage in proper underwriting practices and “had far greater exposure to anticipated losses and defaults.” na No. 09-CV-00071 Mar. 4, 2009 www.mortgagedaily.com/InvestorLawsuits031009.asp
General Motors, et al. Folksam Asset Management U.S. District Court for the Southern District of New York na A 2005 class action filed against GMAC and its parent by investors who purchased GM securities was still pending as of Dec. 31, 2008. Folksam Asset Management v. General Motors na Sept.19, 2005 https://www.mortgagedaily.com/InvestorLawsuits031009.asp
Triad Guaranty Inc., Mark K. Tonnesen and Kenneth W. Jones James L. Phillips and investor’s of the company’s stock from Oct. 26, 2006, to Nov. 10, 2008 U.S. District Court for the Middle District of North Carolina na The defendants allegedly misrepresented the mortgage insurer’s operations and financial condition. Phillips v. Triad Guaranty, Inc. na Jan. 29, 2009 www.mortgagedaily.com/InvestorClassActions020609.asp
Wachovia Corp., et al Lipetz, et al. U.S. District Court for the Southern District of New York. na Pending class action had response due. Lipetz v. Wachovia Corporation na 7/7/2008 www.mortgagedaily.com/LawsuitsWells031309.asp
Wachovia Corporation, et al. Miller, et al. Superior Court of the State of California, Alameda County na Wachovia accused of issuing misleading disclosures tied to Golden West’s mortgage portfolio. Miller v. Wachovia Corporation na Jan. 31, 2009 www.mortgagedaily.com/LawsuitsWells031309.asp
Citigroup na Delaware na A judge threw out a lawsuit brought by shareholders who alleged Citi wasted money in approving a severance package for it former Citi CEO. na na na www.mortgagedaily.com/InvestorLawsuits031009.asp
Washington Mutual Inc. New Orleans Employees Retirement Sytem, MARTA/ATU Local 732 Employers Retirement Plan; Boilermakers National Annuity Trust Fund U.S. District Court for the Western District of Washington na Another plaintiff joined the case, which was moved to federal court. na No. CV-00134 Jan. 29, 2009 www.mortgagedaily.com/InvestorLawsuits031009.asp
Wachovia Corporation, et al. Orange County Employees’ Retirement System, et al. Superior Court of the State of California, Alameda County na Class action alleges misleading disclosures in public offerings. Orange County Employees’ Retirement System v. Wachovia Corporation na Jan. 21, 2009 www.mortgagedaily.com/LawsuitsWells031309.asp
Barclays Bank PLC Preferred investors U.S. District Court for the Southern District of New York na A class action on behalf of buyers of Barclay’s preferred stock issued in April 2006. na No. 09-CV-1989 na www.mortgagedaily.com/InvestorLawsuits031009.asp
Bank of America Corp. Shareholders U.S. District Court for the Northern District of California na A group of Bank of America Corp. shareholders filed a class action lawsuit alleging the bank concealed that it failed to properly value troubled assets, including MBS, collateralized-debt obligations and related derivatives. na No. 09-CV-00544 Feb. 26, 2008 www.mortgagedaily.com/InvestorLawsuits031009.asp
Colonial BancGroup Shareholders U.S. District Court Middle District of Alabama na Shareholders who bought stock between Dec. 2, 2008, and Jan. 27 allege that it failed to disclose that $550 million in funding from the federal government’s TARP was conditioned on raising another $300 million from “outside sources.” . na na na www.mortgagedaily.com/InvestorLawsuits031009.asp
Wachovia Corporation, et al. Swiskay, et al. Superior Court of the State of California, Alameda County na Class action alleges misleading disclosures in Wachovia preferred offerings. Swiskay v. Wachovia Corporation na Dec. 19, 2008 www.mortgagedaily.com/LawsuitsWells031309.asp
Merrill Lynch & Co. Inc. Employees who used retirement plans to invest in Merrill stock from Sept. 30, 2006, to Dec. 31, 2008. na na Settlement in case tied to its employee retirement plan losses investments. In re Merrill Lynch & Co. Inc. Securities, Derivative and ERISA Litigation Master File No. 07cv9633 na www.mortgagedaily.com/LawsuitMerrill012009.asp
17 Washington Mutual Bank 2006 pass through certificates, WaMu Asset Acceptance Corp., David Beck, Biane Novak, Thomas Green, Rolland Jurgens, Richard Careaga, WaMu Capital Corp., et al. Investors of 17 WaMu Mortgage Pass-Through Certificates issued in 2006. U.S. District Court for the Western District of Washington na Class action. na No. 09-CV-0037 Jan. 2009 www.mortgagedaily.com/InvestorClassActions020609.asp
32 Deutsche Alt-A Securities Mortgage Loan Trust RMBS issued in 2006 and 2007 and Deutsche officers, directors, underwriters and issuers Investors of 32 Deutsche Alt-A Securities Mortgage Loan Trust RMBS issued in 2006 and 2007 U.S. District Court for the Eastern District of New York na The defendants allegedly misrepresented DTI ratios, loan documentation and repayment ability on loans included in the trusts. na na Jan. 26, 2009 www.mortgagedaily.com/InvestorClassActions020609.asp
HarborView Mortgage Loan Trust 2006-4, 2006-5, and 2006-9, Greenwich Capital Acceptance, Inc., et al. Investors of HarborView Mortgage Loan Trust 2006-4, 2006-5, and 2006-9 U.S. District Court for the Southern District of New York na The case alleges that the defendants made material misstatements and omissions in the offering of the securities. na na na www.mortgagedaily.com/InvestorClassActions020609.asp
Wells Fargo MBS and related parties Investors of Wells Farto MBS 2006-AR-1-19 and 2006-1-17 U.S. District Court for the Southern District of New York na Investors claim they were allegedly mislead about the offerings. na No. 09-CV-833 na www.mortgagedaily.com/InvestorClassActions020609.asp
Merrill Lynch & Co. Inc., E. Stanley O’Neal, Ahmass L. Fakahany, Gregory J. Fleming and Jeffrey N. Edwards Life Enrichment Foundation U.S. District Court for the Southern District of New York $475,000,000 Settlement in case tied to its investments in subprime collaterallized debt obligations. Life Enrichment Foundation v. Merrill Lynch & Co., Inc. No. 07-CIV-9633 Oct. 30, 2007 www.mortgagedaily.com/LawsuitMerrill012009.asp
J.P. Morgan Acceptance Corporation I, J.P. Morgan Alertantive Loan Trust 2006-A1, J.P. Morgan Alertantive Loan Trust 2006-A2, J.P. Morgan Alertantive Loan Trust 2006-A3, J.P. Morgan Alertantive Loan Trust 2006-A4, J.P. Morgan Alertantive Loan Trust 2006-A5, J.P. Morgan Alertantive Loan Trust 2006-A6, J.P. Morgan Alertantive Loan Trust 2006-A7, J.P. Morgan Alertantive Loan Trust 2006-S1, J.P. Morgan Alertantive Loan Trust 2006-S1, J.P. Morgan Alertantive Loan Trust 2006-S2, J.P. Morgan Alertantive Loan Trust 2006-S3, J.P. Morgan Alertantive Loan Trust 2006-S4, J.P. Morgan Mortgage Acquisition Trust 2006-A3, J.P. Morgan Mortgage Acquisition Trust 2006-A4, J.P. Morgan Mortgage Acquisition Trust 2006-A5, J.P. Morgan Mortgage Acquisition Trust 2006-A6, J.P. Morgan Mortgage Acquisition Trust 2006-A73, J.P. Morgan Mortgage Acquisition Trust 2006-ACC1, J.P. Morgan Mortgage Acquisition Trust 2006-CH2, J.P. Morgan Mortgage Acquisition Trust 2006-HE2, J.P. Morgan Mortgage Acquisition Trust 2006-HE3, J.P. Morgan Mortgage Acquisition Trust 2006-NC1, J.P. Morgan Mortgage Acquisition Trust 2006-RM1, J.P. Morgan Mortgage Acquisition Trust 2006-S2, J.P. Morgan Mortgage Acquisition Trust 2006-WF1, J.P. Morgan Mortgage Acquisition Trust 2006-WMC2, J.P. Morgan Mortgage Acquisition Trust 2006-WMC3, J.P. Morgan Mortgage Acquisition Trust 2006-WMC4, J.P. Morgan Mortgage Acquisition Trust 2007-A1, J.P. Morgan Mortgage Acquisition Trust 2007-A2, J.P. Morgan Mortgage Acquisition Trust 2007-CH1, J.P. Morgan Mortgage Acquisition Trust 2007-CH2, J.P. Morgan Mortgage Acquisition Trust 2007-S1, J.P. Morgan Securities Inc., David M. Duzyk, Louis Schioppo Jr., Christine E. Cole and Edwin F. McMichael Plumbers’ & Pipefitters’ Local #562 Supplemental Plan & Trust and Plumbers’ & Pipefitters’ Local # 562 Pension fund U.S. District Court for the Eastern District of New York na Class action filed by MBS investors accusing JPMorgan of misrepresenting the maximum debt-to-income ratios, documentation and payment ability of borrowers on loans included in the trusts. na na Jan. 21, 2009 www.mortgagedaily.com/InvestorClassActions020609.asp
GS Mortgage Securities Corp. Mississippi Public Employees Retirement System, et al. U.S. District Court for the Southern District of New York na MBS investors allege GS made false statements and omitted information about underwriting standards used by loan originators, appraisal standards used to value the properties collateralizing the loans and the ratings assigned to each tranche of the certificates. na No. 09-CV-1110 na www.mortgagedaily.com/InvestorLawsuits031009.asp
Merrill Lynch Mortgage Investors Mississippi Public Employees Retirement System, et al. U.S. District Court for the Southern District of New York na MBS investors allege Merrill made false statements and omitted information about underwriting standards used by loan originators, appraisal standards used to value the properties collateralizing the loans and the ratings assigned to each tranche of the certificates. na No. 09-CV-1392 Feb. 17, 2009 www.mortgagedaily.com/InvestorLawsuits031009.asp

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