|
Defendant
|
Plaintiff
|
Court
|
Amount
|
Overview
|
Case Title
|
Case Number |
Date Filed |
Link to Story |
| American Home Mortgage Servicing, Inc. |
Carrington Asset Holding Co. LLC, Carrington Investment Partners LLP, Carrington Capital Management, LLC, Stanwich Asset Acceptance Co. LLC |
Connecticut Superior Court- Judicial District of Stamford |
na |
Suit by investors in securitization alleging breach of contract by forced sale of foreclosed homes to free up cash to service servicer’s debt. |
Carrington Asset Holding Company LLC v. American Home Mortgage Servicing, Inc. |
FST-CV-09-5010295-S |
Feb. 10, 2009 |
www.mortgagedaily.com/LitigationMbs032910.asp |
| Banc of America Securities |
Federal Home Loan Bank of Seattle |
King County Superior Court of Washington |
na |
Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. |
Federal Home Loan Bank of Seattle v. Banc of America Securities |
09-2-46319-1 SEA |
December 23, 2009 |
www.mortgagedaily.com/LitigationMbs020910.asp |
| Bank of America Corporation, Kenneth D. Lewis, Joe L. Price, Neil A. Cotty, William Barnet, III, Frank P. Bramble, Sr., John T. Collins, Gary L. Countryman, Tommy R. Franks, Charles K. Gifford, Steven W. Jones, Walter E. Massey, Thomas J. May, Patricia E. Mitchell, Thomas M. Ryan, Temple O. Sloan, Jr., Meredith R. Spangler, Robert L. Tillman, Jackie M. Ward, Banc of America Securities LLC, Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. Incorporated, UBS Securities LLC, Wachovia Capital Markets, LLC, Incapital LLC, Deutsche Bank Securities and J.P. Morgan Securities Inc. |
Dennis Montgomery, individually and on behalf of others similarly situated |
U.S. District Court for the Southern District of New York |
na |
Defendants allegedly violated the Securities Act of 1933 by misleading investors about its asset impairments and losses. |
Montgomery v. Bank of America Corporation et al. |
1:2010cv00440 |
January 19, 2010 |
www.mortgagedaily.com/LitigationInvestors020910.asp |
| Bank of America Corporation; Kenneth D. Lewis; Joseph L. Price |
People of the State of New York, by Andrew M. Cuomo, Attorney General of the State of New York |
Supreme Court of the State of New York, County of New York |
na |
Defendants allegedly deceived shareholders by failing to disclose $16 billion in losses prior to its year-end 2008 acquisition of Merrill Lynch in order to get the merger approved. The suit further alleges that defendants manipulated the federal government with false claims that the company would back out of the acquisition without $20 billion in TARP funds. |
The People of the State of New York v. Bank of America Credit Corporation |
na |
na |
www.mortgagedaily.com/LitigationInvestors020910.asp |
| Bank of America, N.A. |
BNP Paribas Mortgage Corporation |
U.S. District Court for the Southern District of New York |
na |
Plaintiff alleges that it lost over $1.6 billion on asset-backed notes as a result of Bank of America’s actions. The securities involved loans originated by Taylor, Bean & Whitaker Mortgage Corp. and issued by Ocala Funding LLC. Bank of America acted as trustee and allegedly failed to monitor Ocala’s use of the funds and evaluate Ocala’s assets and liabilities before complying with withdrawal requests. |
BNP Paribas Mortgage Corporation v. Bank of America, N.A. |
1:2009cv09783 |
November 25, 2009 |
www.mortgagedaily.com/LitigationMbs020910.asp |
| Bank of America, N.A. |
Deutsche Bank A.G. |
U.S. District Court for the Southern District of New York |
na |
Plaintiff alleges that it lost over $1.6 billion on asset-backed notes as a result of Bank of America’s actions. The securities involved loans originated by Taylor, Bean & Whitaker Mortgage Corp. and issued by Ocala Funding LLC. Bank of America acted as trustee and allegedly failed to monitor Ocala’s use of the funds and evaluate Ocala’s assets and liabilities before complying with withdrawal requests. |
Deutsche Bank A.G. v. Bank of America, N.A. |
1:2009cv09784 |
November 25, 2009 |
www.mortgagedaily.com/LitigationMbs020910.asp |
| Barclays Capital, Inc. |
Federal Home Loan Bank of Seattle |
King County Superior Court of Washington |
na |
Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. |
Federal Home Loan Bank of Seattle v. Barclays Capital Inc. |
09-2-46320-4 SEA |
December 23, 2009 |
www.mortgagedaily.com/LitigationMbs020910.asp |
| Bear Stearns & Co., Inc. |
Federal Home Loan Bank of Seattle |
King County Superior Court of Washington |
na |
Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. |
Federal Home Loan Bank of Seattle v. Bear Stearns & Co, Inc. |
09-2-46298-4 SEA |
December 23, 2009 |
www.mortgagedaily.com/LitigationMbs020910.asp |
| Canadian Imperial Bank and 4 executives |
Investors |
US Dist Court for So. Dist. New York |
na |
Dismissal of class action suit was brought alleging misrepresentations relating to mortgage backed securities held by defendant bank. |
na |
na |
na |
www.mortgagedaily.com/LitigationInvestor032910.asp |
| Countrywide Financial Corp. |
na |
US Dist. Court Central Dist. California |
na |
Suit by RMBS investors alleging losses due to false/misleading statements, etc. |
na |
na |
na |
www.mortgagedaily.com/LitigationMbs032910.asp |
| Countrywide Financial Corporation; Countrywide Home Loans Inc.; CWALT Inc.; CWMBS, Inc.; CWABS, Inc.; CWHEQ, Inc.; Countrywide Capital Markets, Countrywide Securities Corporation; JP Morgan Securities; Deutsche Bank Securities; Bear Stearns & Co, Inc.; Banc of America Securities LLC; UBS Securities LLC; Morgan Stanley & Co. Incorporated; Edward D. Jones & Co. LP; Citigroup Global Markets, Inc.; Goldman Sachs & Co.; Credit Suisse Securities LLC (USA); Greenwich Capital Markets, Inc.; Barclays Capital Inc.; HSBC Securities (USA); BNP Paribas Securities Corp; Merrill Lynch, Perce, Fenner & Smith Incorporated; Stanford L Kurland; David A Spector; Eric P. Sieracki; N. Joshua Adler; Ranjit Kripalani; Jennifer S. Sandefur; David A. Sambol |
Maine State Retirement System, individually and on behalf of all others similarly situated |
U.S. District Court for the Central District of California |
na |
Class action alleges violations of the Securities Act by issuing the certificates pursuant to registration statements and prospectus supplements that misrepresented the quality of the underlying mortgages that had been pooled and placed in the issuing trusts. The representations made in the company’s prospectus supplements were materially false and misleading because at the time of the certificates offering, Countrywide’s underwriting standards were not designed to evaluate a borrower’s ability to repay or the true value of the mortgaged property underlying the certificates. |
Maine State Retirement System v. Countrywide Financial Corp. |
10-cv-00302-SJO-PJW |
January 14, 2010 |
www.mortgagedaily.com/LitigationMbs020910.asp |
| Countrywide Securities Corp. |
Federal Home Loan Bank of Seattle |
King County Superior Court of Washington |
na |
Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. |
Federal Home Loan Bank of Seattle v. Countrywide Securities Corp. |
09-2-46321-2 SEA |
December 23, 2009 |
www.mortgagedaily.com/LitigationMbs020910.asp |
| Credit Suisse First Boston Mortgage Securities Corp. |
Federal Home Loan Bank of Seattle |
King County Superior Court of Washington |
na |
Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. |
Federal Home Loan Bank of Seattle v. Credit Suisse First Boston Mortgage Securities Corp. |
09-2-46353-1 SEA |
December 23, 2009 |
www.mortgagedaily.com/LitigationMbs020910.asp |
| Credit Suisse Securities (USA) LLC, Credit Suisse First Boston Mortgage Securities Corp., Deutsche Bank Securities, Inc., Deutsche Alt-A Securities, Inc., J.P. Morgan Securities, Inc., Structured Asset Mortgage Investments II, Inc., The Bear Stearns Companies, LLC, RBS Securities, Inc., RBS Acceptance, Inc., Greenwich Capital Acceptance, Inc., Morgan Stanley & Co., Inc., UBS Securities, LLC, Mortgage Asset Securitization Transactions, Inc., Banc of America Securities LLC, Banc of America Funding Corp., Banc of America Mortgage Securities, Inc., Countrywide Securities Corp., CWALT Inc., Countrywide Financial Corp., Does 1-50 |
Federal Home Loan Bank of San Francisco |
Superior Court of the State of California, County of San Francisco |
na |
Plaintiff filed complaint seeking rescission and contract damages as a result of misreps made by defendant sellers of certificates in various RMBS securitization trusts |
Federal Home Loan Bank of San Francisco v. Credit Suisse Securities, Inc. et al |
No. CGC-10-497840 |
March 15, 2010 |
www.mortgagedaily.com/LitigationMbs032910.asp |
| Deutsche Bank Securities Inc. |
Federal Home Loan Bank of Seattle |
King County Superior Court of Washington |
na |
Plaintiff filed suit because of misleading statements on the mortgage-backed securities it invested in. Defendant allegedly issued misleading statements about the quality of underwriting, originators, and quality control. |
Federal Home Loan Bank of Seattle v. Deutsche Bank Securities Inc. |
09-2-46351-4 SEA |
December 23, 2009 |
www.mortgagedaily.com/LitigationMbs020910.asp |
| Deutsche Bank Securities, Inc, Deutsche Bank Alt-A Securities, Inc., DB Structured Products, Inc., J.P. Morgan Securities, Inc., Structured Asset Mortgage Investments II, Inc., The Bear Stearns Companies, LLC, Countrywide Securities Corp., Credit Suisse Securities (USA) LLC, RBS Securities, Inc., RBS Acceptance, Inc., RBS Holdings USA, Inc., Greenwich Capital Holdings, Inc., Morgan Stanley & Co., Inc., UBS Securities, LLC, Mortgage Asset Securitization Transactions, Inc., Merrill Lynch, Pierce, Fenner & Smith, Inc., Does 1-50 |
Federal Home Loan Bank of San Francisco |
Superior Court of the State of California, County of San Francisco |
na |
Plaintiff filed complaint seeking rescission and contract damages as a result of misrepresentations made by defendant sellers of certificates in various RMBS securitization trusts. |
Federal Home Loan Bank of San Francisco v. Deutsche Bank Securities, Inc. et al |
No. CGC-10-497839 |
March 15, 2010 |
www.mortgagedaily.com/LitigationMbs032910.asp |
| Eric S. Murphy, Jr. |
State of Maine |
Superior Court- Hancock |
na |
Defendant pled guilty to two counts of theft by deception in connection with a scam relating to residential construction loans. |
State of Maine v. Murphy |
na |
June 10, 2010 |
www.mortgagedaily.com/LitigationCriminal032910.asp |
| Goldman Sachs & Co. |
Federal Home Loan Bank of Seattle |
King County Superior Court of Washington |
na |
Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. |
Federal Home Loan Bank of Seattle v. Goldman Sachs & Co. |
09-2-46349-2 SEA |
December 23, 2009 |
www.mortgagedaily.com/LitigationMbs020910.asp |
| Jeffrey L. Levine, Delroy Oliver Davy and Mark Anthony McBride |
United States |
U.S. District Court for the Northern District of Georgia |
na |
Levine plead guilty to accounting fraud. McBride has agreed to plead guilty to fraudulently obtaining millions of dollars in loans and awaits sentencing. |
United States v. Levine |
1:2009cr00554 |
December 22, 2009 |
www.mortgagedaily.com/LitigationCriminal011810.asp |
| Lawrence “Lee” Loomis |
Securities and Exchange Commission |
U.S. District Court for the Eastern District of California |
$10 million |
Defendant allegedly misappropriated funds from investors that he represented would be invested in real estate and secured by deeds of trust. |
SEC v. Loomis et al |
2:10-cv-00458-MCE-KJN |
February 23, 2010 |
www.mortgagedaily.com/LitigationInvestor032910.asp |
| Merrill Lynch |
Federal Home Loan Bank of Seattle |
King County Superior Court of Washington |
na |
Plaintiff filed suit because of misleading statements on the mortgage-backed securities it invested in. Defendant allegedly issued misleading statements about the quality of underwriting, originators, and quality control. |
Federal Home Loan Bank of Seattle v. Merrill Lynch |
09-2-46352-2 SEA |
December 23, 2009 |
www.mortgagedaily.com/LitigationMbs020910.asp |
| Metropolitan Mortgage & Securities |
investors of Metropolitan Mortgage & Securities |
U.S. Bankruptcy Court |
$38,000,000 |
Settlement proposed. |
In re. Metropolitan Mortgage & Securities |
na |
2/4/2004 |
www.mortgagedaily.com/LitigationInvestor032910.asp |
| Moneygram International, Inc. |
na |
U.S. District Court for the District of Minnesota |
$80,000,000 |
Moneygram Int’l settles shareholders derivative suit by creating settlement fund to be paid out to investors who purchased or acquired common stock between January 24, 2007 and March 25, 2008. |
In Re Moneygram, Int’l |
No. 08-883-DSD |
|
www.mortgagedaily.com/LitigationInvestor032910.asp |
| Moody’s Investors Service, Standard and Poor’s Ratings Services |
Connecticut Attorney General Richard Blumenthal |
na |
na |
Conficts of interest alleged in ratings process. |
na |
na |
na |
www.mortgagedaily.com/ConncecticutVsRatingsAgenciesVideo031010.asp |
| Moody’s; Standard and Poor’s Ratings Services |
MBS investors |
U.S. District Court in New York |
na |
Investors’ lawsuit was dismissed. Plaintiffs claimed the two ratings agencies misled them by disregarding ratings guidelines, operating in conflicting roles, and sacrificing independence. |
na |
na |
na |
www.mortgagedaily.com/LitigationMbs020910.asp |
| Morgan Stanley & Co. Inc. |
Federal Home Loan Bank of Seattle |
King County Superior Court of Washington |
na |
Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. |
Federal Home Loan Bank of Seattle v. Morgan Stanley & Co. Inc. |
09-2-46348-4 SEA |
December 23, 2009 |
www.mortgagedaily.com/LitigationMbs020910.asp |
| Mortgage Asset Securitization Transactions, Inc., David Martin, Per Dyrvik, Hugh Corcoran, UBS Real Estate Securities, Inc., UBS Securities, LLC, Moody’s Investor Services, Inc., and The McGraw-Hill Companies, Inc. |
Locals 302 and 612 of the International Union of Operating Engineers- Employers Construction Industry Retirement Trust |
U.S. District Court for the District of New Jersey |
na |
Purchasers of RMBS-backed pass-through certificates sued defendant sellers and credit rating agencies alleging misrepresentations. |
Locals 302 and 612 of the Int’l Union of Operating Engineers-Employers Construction Industry Retirement Trust v. Mortgage Asset Securitization Transactions, Inc. et al |
No. 2:10-cv-00898-dmc-mf |
February 22, 2010 |
www.mortgagedaily.com/LitigationMbs032910.asp |
| na |
purchasers of MASTR Adjustable Rate Mortgages Trust Mortgage Pass-Through Certificates, Series 2007-3 |
na |
na |
Class action alleges misleading statements. |
na |
na |
na |
www.mortgagedaily.com/LitigationMbs032910.asp |
| RBS Securities, Inc. |
Federal Home Loan Bank of Seattle |
King County Superior Court of Washington |
na |
Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. |
Federal Home Loan Bank of Seattle v. RBS Securities Inc. |
09-2-46347-6 SEA |
December 23, 2009 |
www.mortgagedaily.com/LitigationMbs020910.asp |
| State Street Bank |
Securities and Exchange Commission |
na |
$300,000,000 |
Settlement is in addition to nearly $350 million already paid by State Street to settle private investor claims. |
na |
na |
na |
www.mortgagedaily.com/LitigationMbs020910.asp |
| Sterling Financial Corporation, Sterling Savings Bank, Harold B. Gilkey, Robert G. Butterfield, Katherine K. Anderson, Ellen R. M. Boyer, William L. Eisenhart, James P. Fugate, James B. Keegan, Robert D. Larrabee, Donald J. Lukes, Michael F. Reuling, William W. Zuppe and John/Jane Does 1-15 |
Cory Deter, individually and on behalf of all others similarly situated |
U.S. District Court for the Eastern District of Washington |
na |
Employees of Sterling Savings Bank filed suit on the basis that the company allegedly failed to protect their investments in company stock. |
Deter v. Sterling Financial Corporation et al. |
2:2010cv00012 |
January 11, 2010 |
www.mortgagedaily.com/Litigation011810.asp |
| Sterling Financial Corporation, Sterling Savings Bank, Harold B. Gilkey, Robert G. Butterfield, Katherine K. Anderson, Ellen R. M. Boyer, William L. Eisenhart, James P. Fugate, James B. Keegan, Robert D. Larrabee, Donald J. Lukes, Michael F. Reuling, William W. Zuppe and John/Jane Does 1-15 |
Cory Deter, individually and on behalf of all others similarly situated |
U.S. District Court for the Eastern District of Washington |
na |
Employees of Sterling Savings Bank filed suit on the basis that the company allegedly failed to protect their investments in company stock. |
Deter v. Sterling Financial Corporation et al. |
2:2010cv00012 |
January 11, 2010 |
www.mortgagedaily.com/Litigation011810.asp |
| Stonewater Mortgage Corp., 44 defendants |
Larry Lattig, Litigation Trustee for the First Magnus Litigation Trust |
U.S. Bankruptcy Court for the District of Arizona |
$1,000,000,000 |
The judge dismissed many of the counts against most defendants outlined in the lawsuit. |
Larry Lattig, Litigation Trustee for the First Magnus Litigation Trust, Plaintiffs, vs. Stonewater Mortgage Corp., et al. Defendants |
Case No. 4:09-ap-00211-JMM |
Latest filing Feb. 26, 2009, original filing Aug. 21, 2007 |
www.mortgagedaily.com/LitigationBankruptcy032210.asp |
| Triad Guaranty Inc. |
James L. Phillips |
U.S. District Court for the Middle District of North Carolina |
|
Complaint filed. |
Phillips et al v. Triad |
na |
2/6/2009 |
www.mortgagedaily.com/LitigationInvestor032910.asp |
| UBS Securities |
Federal Home Loan Bank of Seattle |
King County Superior Court of Washington |
na |
Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. |
Federal Home Loan Bank of Seattle v. UBS Securities |
09-2-46350-6 SEA |
December 23, 2009 |
www.mortgagedaily.com/LitigationMbs020910.asp |
| US Bank National Association ND; Ace Securities Corp. Home Loan Trust 1999-A Asset Backed Notes, Series 1999-AA; U.S. Bank N.A.; Wilmington Trust Company; FirstPlus Home Loan Owner Trust 1996-2; FirstPlus Home Loan Owner Trust 1996-3; First Plus Home Loan Owner Trust 1996-4; FirstPlus Home Loan Owner Trust 1997-1; FirstPlus Home Loan Owner Trust 1997-2; FirstPlus Home Loan Owner Trust 1997-3; FirstPlus Home Loan Owner Trust 1997-4; FirstPlus Home Loan Owner Trust 1998-1; FirstPlus Home Loan Owner Trust 1998-2; FirstPlus Home Loan Owner Trust 1998-3; FirstPlus Home Loan Owner Trust 1998-4; FirstPlus Home Loan Owner Trust 1998-5; The Associates; CIT Group; Contimortgage Corporation; Goleta National Bank; Master Financial; Norwest Home Improvement, Inc. PSB Lending; Residential Funding Corporation |
Deanthony Thomas; Susan Jelinke-Thomas; Steven M. Rich |
U.S. Court of Appeals for the Eighth Circuit |
na |
Thomas brought suit in Missouri state court on behalf of himself and others similarly situated against thirty-three assignee banks of FirstPlus, alleging the loans they had received violated the Missouri Second Mortgage Loans Act. The Act places limits on the type and amount of closing costs and fees a lender can charge on residential, second mortgage loans secured by Missouri real estate. Specifically, Thomas alleged the subject loans violated Missouri law because (1) the borrowers were charged nonrefundable finder’s fees or broker’s fees that were prohibited or in excess of the fees allowed by the MSMLA and (2) FirstPlus charged certain closing costs and fees on behalf of third parties which were in excess of the costs actually charged by those third parties and then retained the difference. Thomas sought to recover the interest paid on the allegedly unlawful second mortgage loans and an order barring the collection of additional interest. |
Thomas v. US Bank National Association N.D. |
08 3302 |
April 13, 2009 |
www.mortgagedaily.com/LitigationMbs020910.asp |
| Vestin Mortgage Inc. |
na |
Nevada court |
na |
Pending class action uses same strategy as California case. |
na |
na |
na |
www.mortgagedaily.com/LitigationInvestor032910.asp |
| Vestin Mortgage Inc. |
na |
Superior Court of California |
na |
Defendant wins class action suit in which plaintiffs alleged they were entitled to “roll-up” rights upon merger of two funds managed by Vestin. |
na |
na |
na |
www.mortgagedaily.com/LitigationInvestor032910.asp |
