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Mortgage Investor Lawsuits Second Quarter 2008 Mortgage Litigation Report

Mortgage News

Defendant
Plaintiff
Court
Amount
Overview
Case Title
Case Number
Date Filed Link to Story
Downey Financial Corp. Investors who purchased shares of the company between Oct. 16, 2006, and March 14, 2008 U.S. District Court, Central District of California na In a class action lawsuit filed on behalf of investors who purchased shares of the company between Oct. 16, 2006 and March 14, 2008, defendants are accused of violating the Securities Exchange Act of 1934 because Downey hid or misrepresented material adverse facts. na na na www.mortgagedaily.com/Mergers060308.asp
Downey Financial Corp. Buyers of its shares from Oct. 16, 2006, to March 14, 2008 na na Downey Financial was sued on behalf of buyers of its shares from Oct. 16, 2006, to March 14, 2008. T na na na www.mortgagedaily.com/Mergers052908.asp
Downey Financial Corp. Investors who purchased shares of the company between Oct. 16, 2006, and March 14, 2008 U.S. District Court for the Central District of California na Shareholders are suing the Newport Beach, Calif.-based company for “issuing materially false statements regarding the company’s financial results.” Class action status is sought on behalf of investors who purchased shares of the company between Oct. 16, 2006, and March 14, 2008. na na na www.mortgagedaily.com/Mergers052008.asp
Franklin Bank Corp. Investors who purchased the company’s common stock between April 26, 2007, and May 1, 2008 U.S. District Court, for the Southern District of Texas. na Another proposed class-action lawsuit was filed against Franklin Bank Corp. on behalf of investors who purchased the company’s common stock between April 26, 2007, and May 1, 2008 alleging Franklin Bank, and some of its officers and directors, violated federal securities laws by issuing materially false and misleading statements about the Houston-based bank’s business and financial results. na na na www.mortgagedaily.com/Mergers061108.asp
Huntington Bancshares Inc. Marty E. Adams and Kevin T. Thompson on behalf of former shareholders of Waterfield Mortgage Company, Inc. U.S. District Court, Southern District of Ohio na The defendants are accused of filing registration statements and prospectuses that contained false and misleading statements and that failed to disclose a lending relationship with a subprime lender. na na na www.mortgagedaily.com/Mergers052308.asp
Impac Mortgage Holdings Inc. Investors who purchased securities from May 13, 2005, through Aug. 9, 2005 na na Impac reported that a judge dismissed an investor class-action lawsuit originally filed against it in January 2006. na na na www.mortgagedaily.com/Mergers052908.asp
IndyMac Bancorp Inc. Purchasers of stock between Aug. 16, 2007, and May 12, 2008 U.S. District Court for the Central District of California na IndyMac is accused of misleading investors in violation of the Securities Exchange Act of 1934. na na na www.mortgagedaily.com/Mergers062708.asp
IndyMac Bancorp Inc. John Folsom U.S. District Court for the Central District of California na Investor class action filed on behalf of purchasers of IndyMac’s common stock between Aug. 16, 2007 and May 12, 2008 alleging IndyMac mislead investors by downplaying and concealing its growing exposure to non-performing assets, especially option adjustable-rate mortgages and homebuilder construction portfolios. IndyMac also allegedly overstated its capital position to alleviate concerns about capital erosion. John Folsom v. Indymac Bancorp, Inc., et al 2:08-cv-03812-SVW-AJW na www.mortgagedaily.com/Mergers061108.asp
IndyMac Bancorp Inc., et al. na U.S. District Court for the Central District of California na A suit filed on behalf of purchasers of the IndyMac’s common stock from Aug. 16, 2007 to May 12, 2008 alleges that the company, and certain of its officers and directors, mislead investors about its capital position by downplaying the company’s exposure to pay-option adjustable-rate mortgages and homebuilder portfolios. na na na www.mortgagedaily.com/Mergers061708.asp
IndyMac Bancorp Inc., Michael W. Perry (Chairman & CEO), A. Scott Keys (CFO). John Folsom, On Behalf of Himself and All Others Similarly Situated U.S. District Court for the Central District of California na A lawsuit seeking class action status was filed on behalf of investors who purchased IndyMac shares between Aug. 16, 2007 and May 12, 2008. The complaint alleges that the company mislead investors about its holdings and operations, in violation of federal securities laws. John Folsom, On Behalf of Himself and All Others Similarly Situated v. IndyMac Bancorp Inc., Michael W. Perry and A. Scott Keys na na www.mortgagedaily.com/Mergers061308.asp
NovaStar Financial Inc. People who invested in the company from May 4, 2006 to Feb. 20, 2007 U.S. District Court for the Western District of Missouri na An investor class action against NovaStar in 2007 was dismissed last week. In his ruling, the judge noted that bad business decisions do not constitute securities fraud, according to the Associated Press. na na June 29, 2005 www.mortgagedaily.com/Mergers060908.asp
Ralph R. Cioffi and Matthew M. Tannin Securities and Exchange Commission U.S. District Court for the Eastern District of New York $1.8 billion A complaint filed by the Securities and Exchange Commission alleges defendants, who were senior managers of subprime hedge funds, lied to investors in an effort to stem withdrawals and keep new money coming in, despite knowledge that the funds were in grave condition. The two fund managers were also indicted by the Justice Department and arrested in connection with investor fraud related to mortgages. “Securities and Exchange Commission v. Ralph R. Cioffi and Matthew M. Tannin Civil Action No. 08 2457 June 19, 2008 www.mortgagedaily.com/FraudSeep061908.asp
Wachovia Corp., G. Kennedy Thomson (former CEO), Thomas J. Wurtz (CFO), Donald K. Truslow (Chief Risk Officer) Bristol County Retirement System, Individually and on Behalf of all Others Similarly Situated U.S. District Court for the Northern District of California na A class action lawsuit was filed on June 6 on behalf of investors who purchased common shares of the company between May 8, 2006, and April 11, 2008. The complaint alleges that Defendants misled investors by falsely representing that Wachovia had strict and selective underwriting and loan origination practices and a conservative lending approach that set it apart from other lenders. Bristol County Retirement System, Individually and on Behalf of all Others Similarly Situated v. Wachovia Corporations, G. Kennedy Thompson, Thomas J. Wurtz, and Donald K. Truslow C-08-02844 SC June 6, 2008 www.mortgagedaily.com/Mergers061108.asp
Franklin Bank Corp. Purchasers of the company’s common and preferred stock from Oct. 29, 2007, to May 1, 2008 na na A class action lawsuit was filed against Franklin Bank Corp. on behalf of purchasers of the company’s common and preferred stock from Oct. 29, 2007, to May 1, 2008. Franklin Bank is accused of engaging in a variety of accounting improprieties, including failing to charge off uncollectible loans and to marking loans to market value. na na na www.mortgagedaily.com/Mergers061108.asp

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