|
Defendant
|
Plaintiff
|
Court
|
Amount
|
Overview
|
Case Title
|
Case Number
|
Date Filed |
Date of Activity |
Link to Story |
| Cheryl Ann Bennetch |
State of Pennsylvania |
na |
$241,163 |
Judgment entered agasint OPFM bookkeeper and spouse. |
na |
na |
na |
na |
www.mortgagedaily.com/LitigationInvestor122611.aspwww.mortgagedaily.com/LitigationInvestor122611.asp |
| E*TRADE |
investors |
na |
$79,000,000 |
E*TRADE entered memorandum of understanding. |
Freudenberg Action |
na |
na |
na |
www.mortgagedaily.com/LitigationInvestor122611.asp |
| IMPAC Mortgage Holdings Inc. |
na |
na |
$150,000,000 |
Class action complaint filed alleging breach of the provisions of two written contracts that each created a separate class of preferred stock. |
na |
na |
12/15/2011 |
na |
www.mortgagedaily.com/LitigationInvestor122611.asp |
| Jacquelyn Hepford-Rennie, Kenneth Roger Bennetch, Julie Ann Musser, Susan Louise Hunt, Amy Lou Styer |
State of Pennsylvania |
na |
$1,200,000 |
Collective judgments entered against OPFM mortgage consultants. |
na |
na |
na |
na |
www.mortgagedaily.com/LitigationInvestor122611.aspwww.mortgagedaily.com/LitigationInvestor122611.asp |
| Michael Ashley |
na |
na |
na |
Defendant pled guilty to running a scheme that diverted loan funds to cover company operating expenses. |
na |
na |
na |
Oct. 2011 |
www.mortgagedaily.com/HudOrderLendAmerica101211.asp |
| Michael Perry |
Federal Deposit Insurance Corp. |
U.S. District Court for the Central District of California |
$600,000,000 |
Judge ruled that California’s “business judgment rule” of its Corporations Code doesn’t shield former officers from liability for good-faith decisions |
na |
na |
na |
12/13/2011 |
www.mortgagedaily.com/LitigationInvestor122611.asp |
| William I. Miller |
Bankruptcy trustee for Irwin Financial Corp. |
na |
hundreds of millions of dollars |
Complaint filed against former Irwin chairman, CFO and EVP. |
na |
na |
Oct. 2011 |
na |
www.mortgagedaily.com/LitigationInvestor122611.asp |
| Bank of America |
American International Group Inc. |
U.S. District Court, Southern District of New York |
$10,000,000,000 |
Defendant requested that a judge disqualify the law firm representing plaintiff. |
American International Group Inc v. Bank of America Corp et al |
11-06212 |
na |
10/17/2011 |
www.mortgagedaily.com/LitigationMbs102511.asp |
| Bank of America |
Bank of New York Mellon Corp. |
U.S. District Court for the Southern District of New York, U.S. Circuit Court of Appeals in New York |
$8,500,000,000 |
Trustee Bank of New York Mellon Corp. made Nov. 9 filing indicating that Delaware Attorney General Beau Biden shouldn’t be allowed to intervene in the lawsuit. In December, Court agreed to resolve by February whether case should be moved from federal to state court. |
Bank of New York Mellon v. Walnut Place LLC et al. |
11-cv-5988, 11-4554,11-4571 |
na |
11/9/2011 |
www.mortgagedaily.com/LitigationMbs121211.asp, www.mortgagedaily.com/LitigationMbs012312.asp, www.mortgagedaily.com/LitigationMbs102511.asp |
| Bank of America Corp. |
State of California |
na |
na |
Subpoena filed to determine if defendant sold securities under false pretenses |
na |
na |
na |
10/18/2011 |
www.mortgagedaily.com/MctBoaSubpoena102011.asp |
| Bank of America Corp.’s Merrill Lynch & Co. |
Lead plaintiff is Public Employees’ Retirement System of Mississippi |
na |
$315,000,000 |
Settlement reached and awaiting Judge’s approval. Alleged misleading marketing. |
na |
na |
na |
na |
www.mortgagedaily.com/LitigationMbs121211.asp |
| Citigroup Global Markets Inc. |
Securities and Exchange Commission |
U.S. District Court for the Southern District of New York, U.S. Court of Appeals for the Second Circuit |
$285,000,000 |
Settlement rejection by U.S. District judge appealed by SEC. Citi allegedly misled investors in marketing a $1 billion CDO that it bet against. Within months, the CDO defaulted, while defendant reportedly earned $160 million in fees and trading profits. |
U.S. Securities and Exchange Commission, Plaintiff, v. Citigroup Global Markets Inc., Defendant |
09-3804, 2011 WL 4950368 |
na |
12/15/2011 |
www.mortgagedaily.com/LitigationInvestor122611.asp, www.mortgagedaily.com/LitigationMbs102511.asp, www.mortgagedaily.com/MctCitiSecSettlement112811.asp, www.mortgagedaily.com/MctSettlementCiti101911.asp |
| Citigroup Inc. |
IKB Deutsche Industriebank AG |
Supreme Court of the State of New York, County of New York |
$4,200,000 |
Plaintiff asked judge to rescind the sale and award unspecified punitive damages |
IKB Deutsche Industriebank AG (IKB) v. Citigroup Inc |
652609/2011 |
9/23/11 |
na |
www.mortgagedaily.com/LitigationMbs102511.asp |
| Citigroup Inc. |
Moneygram Payment Systems Inc. |
Hennepin County, Minnesota, District Court |
$140,000,000 |
Complaint filed over alleged mortgage CDO losses. |
Moneygram Payment Systems Inc. v. Citigroup Inc. |
27cv11-21348 |
10/26/2011 |
na |
www.mortgagedaily.com/LitigationMbs121211.asp |
| Citigroup Inc. |
National Credit Union Administration |
na |
$20,500,000 |
Settlement. Resolved RMBS losses suffered by five failed wholesale credit unions. |
na |
na |
na |
11/14/2011 |
www.mortgagedaily.com/SettlementsNcua111411.asp |
| Countrywide Financial Corp. |
FDIC |
U.S. District Court for the District of Colorado |
na |
A Joint Motion for a Temporary Stay of Proceedings Pending Determination by the JPML of any Objection to Transfer of This Case to the MDL Court was granted to defendant. Case was removed to Fedearl Court on August 30. |
FEDERAL DEPOSIT INSURANCE CORPORATION, as receiver for United Western Bank, Plaintiff, v. COUNTRYWIDE FINANCIAL CORPORATION, COUNTRYWIDE HOME MORTGAGE LOANS, INC., CWALT, INC., CWMBS, INC., COUNTRYWIDE CAPITAL MARKETS, COUNTRYWIDE SECURITIES CORPORATION, and BANK OF AMERICA CORPORATION, Defendants |
Civil Action No. 11-cv-02268-WJM-KLM |
na |
9/19/2011 |
www.mortgagedaily.com/LitigationMbs102511.asp |
| Countrywide Financial Corp. |
Iowa Public Employees’ Retirement System, the Oregon Public Employees’ Retirement System, the Orange County Employees’ Retirement System and the General Board of Pension and Health Benefits of the United Methodist Church |
U.S. District Court for the Central District of California |
na |
Class action certified. |
Maine State Retirement System et al., v. Countrywide Financial Corp. et al |
10-CV-00302 |
na |
11/22/2011 |
www.mortgagedaily.com/LitigationMbs121211.asp |
| Countrywide Financial Corp. |
Sealink Funding Ltd. |
New York State Supreme Court, New York County |
$1,600,000,000 |
The plaintiff was created to manage Landesbank Sachsen AG’s riskiest assets after the German lender almost collapsed |
Sealink Funding Ltd. vs. Countrywide Financial Corp |
652679/2011 |
9/29/2011 |
na |
www.mortgagedaily.com/LitigationMbs102511.asp |
| Deutsche Alt-A Securities Inc. |
Massachusetts Briklayers and Masons Trust Fund |
U.S. District Court for the Eastern District of New York |
na |
Court ordered the defendants to produce the requested documents |
MASSACHUSETTS BRICKLAYERS AND MASONS TRUST FUND, Individually and on Behalf of All Other Similarly Situated, Plaintiff, v. DEUTSCH ALT-A SECURITIES, INC., et al., Defendants |
CV 08-3178 (LDW)(ARL) |
na |
10/7/2011 |
www.mortgagedaily.com/LitigationMbs102511.asp |
| Deutsche Bank Securities |
National Credit Union Administration |
na |
$145,000,000 |
Settlement filed resolving RMBS losses suffered by five failed wholesale credit unions. |
na |
na |
na |
11/14/2011 |
www.mortgagedaily.com/SettlementsNcua111411.asp |
| DLJ Mortgage Capital Inc. |
Assured Guaranty Corp. |
New York State Supreme Court |
$1,800,000,000 |
Complaint filed alleging misrepresentation of the loan quality on mortgage securities insured. Plaintiff claims the defendant “materially and pervasively” breached its mortgage representations and overstating the quality of mortgage loans. |
Assured Guaranty Municipal Corp. v. DLJ Mortgage Capital Inc |
652837-2011 |
10/17/2011 |
na |
www.mortgagedaily.com/LitigationMbs121211.asp, www.mortgagedaily.com/LitigationMbs102511.asp |
| First Tennessee |
First Community Bank |
Knox County Circuit Court |
$100,000,000 |
Plaintiff claims that the historical assumptions touted by the issuing entities were “woefully inadequate to capture the risk of default of bank-issued underlying securities” in the CDOs |
na |
na |
na |
Sept. 2011 |
www.mortgagedaily.com/LitigationMbs102511.asp |
| Goldman Sachs Group Inc. |
Federal Housing Finance Agency; the National Credit Union Administration; Basis Yield Alpha Fund; the Federal Home Loan Banks of Seattle, Chicago, Indianapolis and Boston; the Charles Schwab Corp.; Cambridge Place Investment Management Inc.; Heungkuk Life Insurance Co. Limited; Landesbank Baden-Württemberg; certain Allstate affiliates; The Union Central Life Insurance Co.; Ameritas Life Insurance Corp.; Acacia Life Insurance Co.; Massachusetts Mutual Life Insurance Co.: and The Western and Southern Life Insurance Co. |
ns |
$15,800,000,000 |
SEC filing notes pending litigation. |
na |
na |
na |
na |
www.mortgagedaily.com/LitigationMbs121211.asp |
| John P. Flannery, James D. Hopkins, State Street Corp. |
Securities and Exchange Commission |
na |
$663,000,000 |
Charges dismissed against Flannery and Hopkins. The judge wrote that neither executive “was responsible for, or had ultimate authority over, the allegedly false and materially misleading documents” sent to clients. |
na |
na |
na |
10/28/2011 |
www.mortgagedaily.com/LitigationMbs121211.asp |
| JPMorgan Chase & Co. |
Sealink Funding Ltd. |
New York State Supreme Court, New York County |
na |
Complaint filed in case where plaintiff was created to manage Landesbank Sachsen AG’s riskiest assets after the German lender almost collapsed |
Sealink Funding Ltd. vs. Bear Stearns & Co. Inc. |
652681/2011 |
9/29/2011 |
na |
www.mortgagedaily.com/LitigationMbs102511.asp |
| Morgan Stanley Mortgage Capital Holdings |
State of Nevada |
na |
$40,000,000 |
Assurance of Discontinuance filed related to defendant’s role in originating and securitizing 3,000 Nevada subprime mortgages |
na |
na |
na |
9/27/11 |
www.mortgagedaily.com/LitigationMbs102511.asp |
| na |
investors in Wells Fargo Mortgage-Backed Certificates |
na |
na |
Plaintiffs given until Dec. 7 to file proofs of claim. |
na |
na |
na |
na |
www.mortgagedaily.com/LitigationMbs121211.aspwww.mortgagedaily.com/LitigationMbs121211.asp |
| Wachovia Capital Markets LLC |
National Credit Union Administration |
U.S. District Court for the District of Kansas |
na |
Complaint filed alleging defendant is accused of violating federal and state securities laws by misrepresenting the quality of residential mortgage-backed securities purchased by U.S. Central Federal Credit Union and Western Corporate Federal Credit Union — both of which collapsed in March 2009. |
NATIONAL CREDIT UNION ADMINISTRATION BOARD, as Liquidating Agent of U.S. Central Federal Credit Union and of Western Corporate Federal Credit Union, Plaintiff, vs. WACHOVIA CAPITAL MARKETS, LLC n/k/a WELLS FARGO SECURITIES, LLC, Defendant |
2:11-cv-02649-JAR-KGG |
11/28/2011 |
na |
www.mortgagedaily.com/LawsuitNcuaWachovia112911.asp |
| Wells Fargo Securities LLC |
Loreley Financing |
New York State Supreme Court |
$163,300,000 |
Sued over bad collateralized-debt obligations. |
Loreley Financing v. Wells Fargo Securities |
653037/2011 |
11/1/2011 |
na |
www.mortgagedaily.com/LitigationMbs121211.aspwww.mortgagedaily.com/LitigationMbs121211.asp |
| RBS Financial Products Inc. |
Commonwealth of Massachusetts |
Suffolk Superior Court |
$52,000,000 |
Assurance of discontinuance filed in settlement. Defendant was accused of financing, purchasing and securitizing residential loans that were presumptively unfair under Massachusetts’ Consumer Protection Act. |
na |
na |
na |
11/28/2011 |
www.mortgagedaily.com/SetllementRbsMass112911.asp |
| Ally Financial Inc. |
Federal Housing Finance Agency |
U.S. District Court, Southern District of New York |
na |
Case moved to federal court. |
Federal Housing Finance Agency, et al, Plaintiff, -against- Ally Financial Inc., et al |
na |
9/2/2011 |
Oct. 2011 |
www.mortgagedaily.com/LitigationMbs102511.asp |
| Countrywide Financial Corp. |
Federal Housing Finance Agency |
U.S. District Court, Southern District of New York (originally filed in Supreme Court of the State of New York County of New York) |
na |
Plaintiff claims that defendant improperly moved suit from state to federal court as part of a strategy to have the case transferred to multidistrict litigation case in California. Plaintiff moved to have the case remanded to state court. |
FEDERAL HOUSING FINANCE AGENCY, AS CONSERVATOR FOR THE FEDERAL NATIONAL MORTGAGE ASSOCIATION AND THE FEDERAL HOME LOAN MORTGAGE CORPORATION, Plaintiff, -against- COUNTRYWIDE FINANCIAL CORPORATION; COUNTRYWIDE HOME LOANS, INC.; COUNTRYWIDE CAPITAL MARKETS, LLC; COUNTRYWIDE SECURITIES CORPORATION; CWALT INC.; CWABS, INC.; CWMBS, INC; BANK OF AMERICA CORPORATION; BANK OF AMERICA, N.A.; NB HOLDINGS CORPORATION; BANC OF AMERICA SECURITIES LLC; CITIGROUP GLOBAL MARKETS, INC.; DEUTSCHE BANK SECURITIES INC.; RBS SECURITIES, INC. (f/k/a GREENWICH CAPITAL MARKETS, INC.); UBS SECURITIES, LLC; N. JOSHUA ADLER; THOMAS H. BOONE; JEFFREY P. GROGIN; RANJIT KRIPALANI; STANFORD KURLAND; THOMAS KEITH MCLAUGHLIN; JENNIFER S. SANDEFUR; ERIC SIERACKI; DAVID A. SPECTOR; Defendants |
11cv6916 |
9/2/2011 |
10/19/2011 |
www.mortgagedaily.com/LitigationMbs102511.aspwww.mortgagedaily.com/LitigationMbs102511.asp |
| Daniel H. Mudd, Enrico Dallavecchia, and Thomas A. Lund |
Securities and Exchange Commission |
U.S. District Court for the Southern District of New York |
na |
Defendants allegedly misstated their subprime mortgage holdings in public filings, investor calls and media interviews, in addition to masking the degree of Alt-A exposure. Plaintiff is seeking financial penalties and for the executives to return ill-gotten gains. A permanent injunction is also sought barring the defendants from being an officer or director of a publicly traded company registered under Section 12 of the Securities and Exchange Act of 1934. |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION, Plaintiff,-v. DANIEL H. MUDD, ENRICO DALLAVECCHIA, and THOMAS A. LUND, Defendants |
11 CIV 9202 |
12/18/2011 |
na |
www.mortgagedaily.com/LawsuitSecGseExecs121611.asp |
| General Electric Co. |
Federal Housing Finance Agency |
U.S. District Court, Southern District of New York |
na |
Case moved to federal court. |
Federal Housing Finance Agency, et al, Plaintiff, -against- General Electric Company, et al |
na |
9/2/2011 |
Oct. 2011 |
www.mortgagedaily.com/LitigationMbs102511.asp |
| Morgan Stanley |
Federal Housing Finance Agency |
U.S. District Court, Southern District of New York |
na |
Case moved to federal court. |
Federal Housing Finance Agency, et al, Plaintiff, -against- Morgan Stanley, et al |
na |
9/2/2011 |
Oct. 2011 |
www.mortgagedaily.com/LitigationMbs102511.asp |
| Richard F. Syron, Patricia L. Cook, and Donald J. Bisenius |
Securities and Exchange Commission |
U.S. District Court for the Southern District of New York |
na |
Defendants allegedly misstated their subprime mortgage holdings in public filings, investor calls and media interviews. Plaintiff is seeking financial penalties and for the executives to return ill-gotten gains. A permanent injunction is also sought barring the defendants from being an officer or director of a publicly traded company registered under Section 12 of the Securities and Exchange Act of 1934. |
U.S. SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. RICHARD F. SYRON, PATRICIA L. COOK, and DONALD J. BISENIUS, Defendants |
11 CIV 9201 |
12/18/2011 |
na |
www.mortgagedaily.com/LawsuitSecGseExecs121611.asp |
| Countrywide Financial Corp. |
National Integrity Life Insurance Co. |
U.S. District Court, Southern District of New York |
$93,800,000 |
Complaint filed alleging abandonment of guidelines by defednat on 24 securitizations. Lawsuit seeks to force defendant to repurchase the certificates. |
National Integrity Life Insurance Co. vs. Countrywide Financial Corp. et al |
11-08077 |
11/9/2011 |
na |
www.mortgagedaily.com/LitigationMbs121211.asp |
| EMC Mortgage LLC |
Wells Fargo |
Delaware Chancery Court |
na |
Plaintiff seeks to force defendant to repurchase 800 bad mortgages included in Bear Stearns Mortgage Funding Trust 2007-AR2 |
na |
na |
Sep. 2011 |
na |
www.mortgagedaily.com/LitigationMbs102511.asp |
| Old Republic Insurance Co. |
Federal Deposit Insurance Corp. on behalf of AmTrust Bank |
U.S. District Court for the Northern District of Ohio |
$46,000,000 |
Several motions filed |
Federal Deposit Insurance Corporation, as Receiver of AmTrust Bank v. Old Republic Insurance Company |
1:11-cv-00371-JG |
2/11/2011 |
Nov. 2011 |
www.mortgagedaily.com/LitigationMI122911.asp |
| James G. “Jay” Temme, Stewardship Fund LP |
Securities and Exchange Commission |
na |
$35,000,000 |
Emergency court order freezes Temme’s assets. |
na |
na |
na |
Oct. 2011 |
na |
| Joshua Brown, John Sweetland, Brian Arrington, Brian Frank, Linda Defeo and Bruce Namenson |
na |
Suffolk Superior Court |
$12,500,000, |
Brown was convicted, co-defendants pleaded guilty. Sentencing was scheduled for Nov. 10. |
na |
na |
na |
11/10/2011 |
www.mortgagedaily.com/LitigationCriminal103111.asp |
| Wells Fargo & Co., GreenPoint Mortgage Funding Inc. |
Pelayo Duran |
CIRCUIT COURT OF THE 11th JUDICIAL CIRCUIT IN AND FOR MIAMI-DADE COUNTY, FLORIDA GENERAL JURISDICTION DIVISION |
$100,000,000 |
Plaintiff alleges that defendant’s mortgage broker lured him in through an ad, then switched him to a subprime loan with GreenPoint |
PELAYO M. DURAN, Plaintiff, v. GREENPOINT MORTGAGE FUNDING, INC., a Foreign Corporation, WELLS FARGO & COMPANY a Foreign Corporation; WELLS FARGO BANK N.A., a Foreign Corporation, WELLS FARGO HOME MORTGAGE, INC., an inactive Florida Corporation, CINDY SIERRA and LEE A. ROSENTHAL, Personally; WELLS FARGO BANK N.A., AS TRUST ADMINISTRATOR FOR CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.; ADJUSTABLE RATE MORTGAGE TRUST 2005-5, ADJUSTABLE RATE MORTGAGE-BACKED PASS-THROUGH CERTIFICATES, SERIES 2005-5; TRUSTEE, INVESTORS 1-1000 IN AND FOR THE TRUST, MERSCORP, INC., a Foreign Corporation; MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC., a subsidiary of MERSCORP., INC., a Delaware Corporation, Defendants |
09-03703 CA (01) |
na |
10/4/2011 |
www.mortgagedaily.com/LitigationMbs102511.asp |
| Royce Lee Newcomb |
United States of America |
U.S. District Court for the Eastern District of California |
$2,900,000 |
Defendant was sentenced to 70 months in prison for allegedly operating a $2.9 million Ponzi scheme, marketing foreclosure rescue services through Paradigm Foreclosure Specialists, collecting between $1,300 and $3,800 from distressed borrowers and filing serial bankruptcy petitions without supporting documentation |
na |
na |
na |
9/29/2011 |
www.mortgagedaily.com/LitigationForeclosureFirms112111.asp |
| David Findel |
na |
na |
$11,994,000 |
Defendant sentenced to 2 years in prison for bankruptcy fraud following a 63-month sentence for mortgage and secondary fraud. |
na |
na |
na |
12/12/2011 |
www.mortgagedaily.com/LitigationCriminal122011.asp, www.mortgagedaily.com/LitigationCriminal103111.asp |
| Moss Adams |
Meridian Mortgage |
King County Superior Court |
$150,000,000 |
Defendant is accused of issuing fraudulent audit reports, which allowed a ponzi scheme to continue |
na |
na |
12/5/2011 |
12/5/2011 |
www.mortgagedaily.com/MctLawsuitMeridian120811.asp |
| Kerry Killinger, his wife Linda Killinger, Stephen Rotella, Rotella’s wife Esther Rotella, David Schneider |
Federal Deposit Insurance Corp. on behalf of Washington Mutual Bank |
U.S. District Court for the District of Washington |
$64,721,195 |
Settlement announced with former WaMu officials. Plaintiff argued that defendants caused WaMu to fail because they only focused on loans that could quickly turn a profit, without considering borrowers’ qualifications. |
The Federal Deposit Insurance Corporation, as Receiver of Washington Mutual Bank v. Killinger et al. |
2:11-cv-00459-MJP |
3/16/2011 |
12/15/2011 |
www.mortgagedaily.com/LitigationInvestor122611.asp, www.mortgagedaily.com/MctSettlementWamu121411.asp |
| Jerry J. Williams, Thomas B. Hebble, Angel P. Guerzon, Francesco “Frank” Mileto |
na |
na |
na |
Hebble, Guerzon and Lileto sentenced in case tied to failure of Orion Bank. |
na |
na |
March 2011 |
10/26/2011 |
www.mortgagedaily.com/LitigationCriminal103111.asp |
| S. Pope Cleghorn Jr., Russell T. Long |
na |
na |
$2,800,000 |
Cleghorn was senteced to 6 years for accepting kickbacks to approve two loans for $2.8 million. Long was also sentenced. |
na |
na |
na |
11/18/2011 |
www.mortgagedaily.com/LitigationCriminal122011.asp |
| Alma Preciado |
Roger and Lourdes Vales |
na |
$350,000 |
After pleading guilty, defendant fled to Mexico. She was located and flown back to the U.S. and jailed in September. |
na |
na |
na |
Sept. 2011 |
www.mortgagedaily.com/LitigationCriminal103111.asp |
| Andrew Hamilton Williams Jr., Michael Anthony Hickson, Isaac Jerome Smith, Alvita Karen Gunn, Carole Nelson and Charlotte Melissa Josephine Hardmon |
United States of America |
U.S. District Court for the District of Maryland |
$78,000,000 |
Defendants Williams, Hickson, Smith and Gunn were convicted of running a fraudulent investment business and operating a Ponzi scheme. Nelson and Hardmon have pleaded guilty in the case. |
na |
na |
na |
11/10/2011 |
www.mortgagedaily.com/LitigationCriminal122011.asp |
| David A. Nilsen, Manoel Errico |
United States of America |
U.S. District Court for the Northern District of California |
$69,828,833 |
Guilty plea for Nilsen, who founded Cedar Funding. |
na |
na |
na |
10/24/2011 |
www.mortgagedaily.com/LitigationInvestor122611.asp |
| Matthew Kent, David Rubin, Joshua Gould |
na |
na |
$1,200,000 |
Kent pleaded guilty to convincing a retired investor to put up $1.2 million to be used as collateral for operations in return for monthly interest payments. But the funds were used for operating expenses, personal expenses and investments. |
na |
na |
na |
11/21/2011 |
www.mortgagedaily.com/LitigationCriminal122011.aspwww.mortgagedaily.com/LitigationCriminal122011.asp |
| Metropolitan Grapevine LLC, Andrew H. Williams, Laveda Whitfield |
Maryland Attorney General Douglas Gansler |
U.S. District Court for the District of Maryland |
$55,000 |
Trial began on a cease-and-desist order for an alleged Ponzi scheme |
na |
na |
11/1/2011 |
11/1/2011 |
www.mortgagedaily.com/LitigationCriminal103111.asp |
| Nicodemo S. Scarfo, Salvatore Pelullo (13 total) |
United States of America |
U.S. District Court for the District of New Jersey |
na |
Indictment unsealed. Alleged crime family extracted millions of dollars from FirstPlus Financial Group Inc. |
na |
na |
na |
11/1/2011 |
www.mortgagedaily.com/LitigationInvestor122611.asp |
| Wesley Alvin Snyder, Sydney Snyder |
State of Pennsylvania |
na |
$28,675,731 |
Judgment entered agasint OPFM president and spouse. |
na |
na |
na |
Dec. 2011 |
www.mortgagedaily.com/LitigationInvestor122611.aspwww.mortgagedaily.com/LitigationInvestor122611.asp |
| Monroe L. Beachy |
United States of America |
U.S. District Court for the Northern District of Ohio |
$16,800,000 |
Defendant indicted over allegations he defrauded nearly 2,700 investors through his company, A&M Investments. U.S. District Judge Benita Pearson entered a “not guilty” plea on behalf of defendant. |
na |
na |
9/14/2011 |
10/27/2011 |
www.mortgagedaily.com/LitigationCriminal103111.asp |
| Ebrahim Shabudin, Thomas Yu |
na |
na |
na |
Defendants indicted in connection with United Commercial Bank’s failure by conspiring to commit securities fraud, falsifying corporate books and records, and lying to auditors |
na |
na |
na |
na |
www.mortgagedaily.com/LitigationCriminal103111.asp |
| Mark Alan Helsing |
na |
na |
$6,900,000 |
Defendant was sentenced to 15 years prison for stealing $6.9 million from 12 investors in a Ponzi and real estate fraud scheme. His companies were Sea View Investments, HLHS Financial Services Inc., Foothill Realty and Sea View Mortgage. |
na |
na |
na |
12/16/2011 |
www.mortgagedaily.com/LitigationCriminal122011.aspwww.mortgagedaily.com/LitigationCriminal122011.asp, www.mortgagedaily.com/LitigationCriminal103111.asp |
| Citigroup Inc. |
STEPHEN GRAY, JAMES BOLLA, and SAMIER TADROS, Lead Plaintiffs-Appellants, SANDRA WALSH, ANTON K. RAPPOLD, and ALAN STEVENS, Plaintiffs-Appellants |
U.S. Court of Appeals for the Second Circuit, U.S. District Court for the Southern District of New York |
na |
Appeals court affirmed trial court decision in favor of defendant alleging ERISA violations because Citi didn’t limit investments in an employee stock fund once Citi’s own stock became an imprudent investment. |
In Re: CITIGROUP ERISA LITIGATION |
Docket No. 09-3804-cv |
9/15/2008 |
10/19/2011 |
www.mortgagedaily.com/LitigationEmployment031212.asp |
| na |
na |
U.S. Court of Appeals for the Second Circuit |
na |
Court ruled that employer stock in a 401(k) plans are subject to a “presumption of prudence” that a plaintiff alleging fiduciary breach can overcome only upon a showing that the employer was facing a “dire situation” that was objectively unforeseeable by the plan sponsor. |
na |
na |
na |
10/19/2011 |
www.mortgagedaily.com/LitigationInvestor122611.asp |
| EMC Mortgage Corp. |
Bear Stearns Asset Backed Securities Trust 2005-4 |
Supreme Court of the State of New York, County of New York |
$95,000,000 |
Complaint filed. |
Bear Stearns Asset Backed Securities Trust 2005-4 v. EMC Mortgage Corp. |
650003-2012 |
na |
12/30/2011 |
www.mortgagedaily.com/LitigationMbs012312.asp |
| Merrill Lynch & Co. |
Public Employees’ Retirement System of Mississippi |
U.S. District Court for the Southern District of New York |
$315,000,000 |
Settlement proposed in class action. |
Public Employees’ Retirement System of Mississippi, et al, v. Merrill Lynch & Co. Inc., et al |
08 CIV. 10841 (JSR) |
na |
Dec. 2011 |
www.mortgagedaily.com/LitigationMbs012312.asp |
