|
Defendant
|
Plaintiff
|
Court
|
Amount
|
Overview
|
Case Title |
Case Number
|
Date Filed |
Link to Story |
| Ameriquest Mortgage Securities, Inc.; Bank of America, N.A.; Bear Stearns & Co. Inc.; Chase Bank USA, N.A.; Citibank N.A.; Citigroup Global Markets Inc.; Countrywide Securities Corp.; Credit Suisse USA Inc.; Credit Suisse (USA) LLC; Deutsche Bank Securities Inc.; GMAC-RFC Holding Co.; Goldman Sachs & Co.; Greenwich Capital Markets Inc.; HSBC Securities (USA) Inc.; JP Morgan Acquisition Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc.; Morgan Stanley & Co.; Novastar Mortgage Inc.; Option One Mortgae Corp.; Washington Mutual Bank; Wells Fargo Asset Securities Corp.; and Wells Fargo Bank, N.A. |
City of Cleveland |
U.S. District Court for the Northern District of Ohio, Eastern Division |
n/a |
Dismissal appealed in case blaming securitizers for Clevelands foreclosure problems. |
City of Cleveland v. Ameriquest Mortgage Securities, Inc. |
No. 1:08-cv-00139-SL |
15-May-2009 |
www.mortgagedaily.com/LawsuitCleveland051909.asp |
| Federal Deposit Insurance Corporation |
Frontier State Bank |
n.a. |
n.a. |
Adminitrative hearing over FDIC’s order for plaintiff to change it policies on MBS investments. |
n.a. |
n.a. |
Oct. 2008 |
www.mortgagedaily.com/Lawsuits061109.asp |
| IndyMac MBS, Inc., some of its officers and directors, underwriters and certain ratings agencies. |
Police and Fire Retirement Systems of the City of Detroit |
U. S. District Court, S.D.N.Y. |
n/a |
Suit alleges damage to securities purchaser is traceable to Indymac’s issuance of false and misleading offering materials. |
Police and Fire Retirement System of the City of Detroit v. IndyMac MBS, Inc., et al. |
No. 09-CIV-4583 |
14-May-2009 |
www.mortgagedaily.com/InvestorClassActions052809.asp |
| Luminent Mortgage Capital Inc. |
Common stock investors from Feb. 9, 2007, to Aug. 6. 2007 |
n.a. |
$8,000,000 |
Settlement reached. |
n.a. |
n.a. |
n.a. |
www.mortgagedaily.com/InvestorClassActions052809.asp |
| Marc D. Schnitzer, Centerline Holding Co. |
John Carfagno and shareholders |
U.S. District Court for the Southern District of New York |
n/a |
Preliminary settlement of claims reached in derivative litigation. |
Carfagno v. Schnitzer |
08 Civ. 912 (SAS) |
25-Jan-2008 |
www.mortgagedaily.com/InvestorClassActions050109.asp |
| Mark Turkcan |
n.a. |
n.a. |
$35,000,000 |
1-year sentence for former president of First Bank Mortgage. |
n.a. |
n.a. |
n.a. |
www.mortgagedaily.com/Lawsuits061109.asp |
| MBIA Inc., MBIA Insurance Corporation, and MBIA Corp. of Illinois |
ABN AMRO Bank N.V.; Barclays Bank PLC; BNP Paribas; Calyon; Canadian Imperial Bank of Commerce; Citibank, N.A.; HSBC Bank USA, N.A; JPMorgan Chase Bank, N.A.; KBC Investments Cayman Islands V LTD; Merrill Lynch International; Bank of America, N.A.; Morgan Stanley Capital Services Inc.; Natixis; Natixis Financial Products Inc.; Cooperative Centrale Raiffeisen-Boerenleenbank B.A., New York branch; Royal Bank of Canada; The Royal Bank of Scotland PLC; SMBC Capital Market Limited; Societe Generale; UBS AG, London branch; and Wachovia Bank, N.A. |
New York Supreme Court, New York County |
n/a |
Company accused of a fraudulent restructuring in order to avoid paying claims for financial guarantee insurance policies. The plaintiffs have asked the court to invalidate the transfers. |
ABN AMRO Bank N.V. v. MBIA Inc. |
Index no. 66014-75/09 |
13-May-2009 |
www.mortgagedaily.com/MgicSplit051509.asp |
| Morgan Stanley Capital I Inc. and some officers |
West Virginia Investment Management Board, Individually and on Behalf of All Others Similarly Situated |
U.S. District Court for the Southern District of New York |
n/a |
Suit alleges the company issued false and misleading pass-through securities certificates. |
West Virginia Investment Management Board, Individually and on Behalf of All Others Similarly Situated v. Morgan Stanley Capital I Inc., et al. |
No. 09-CIV-4414 |
[UNK] |
www.mortgagedaily.com/InvestorClassActions052809.asp |
| “Morgan Stanley, Morgan Stanley Mortgage Capital Inc., Morgan Stanley Dean Witter Capital I, Inc., f/k/a Morgan Stanley Capital I Inc., Morgan Stanley & Co. Incorporated, McGraw-Hill Companies, Moody’s Corp., Anthony B. Tufariello, William J. Forsell, Valerie H. Kay, Steven S. Stern, Mortgage Loan Trust 2006-4SL, Morgan Stanley Mortgage Loan Trust 2006-5AR, Morgan Stanley Mortgage Loan Trust 2006-5ARW, Morgan Stanley Mortgage Loan Trust 2006-6AR, Morgan Stanley Mortgage Loan Trust 2006-7, Morgan Stanley Mortgage Loan Trust 2006-8AR, Morgan Stanley Mortgage Loan Trust 2006-9AR, Morgan Stanley Mortgage Loan Trust 2006-10SL, Morgan Stanley Mortgage Loan Trust 2006-11, Morgan Stanley Mortgage Loan Trust 2006-12XS, Morgan Stanley Mortgage Loan Trust 2006-13AX, Morgan Stanley Mortgage Loan Trust 2006-14SL, Morgan Stanley Mortgage Loan Trust 2006-15XS, and Morgan Stanley Mortgage Loan Trust 2006-16AX. |
Mississippi Public Employees Retirement System and other buyers of Morgan Stanley certificates Mortgage Loan Trust 2006-4SL, Morgan Stanley Mortgage Loan Trust 2006-5AR, Morgan Stanley Mortgage Loan Trust 2006-5ARW, Morgan Stanley Mortgage Loan Trust 2006-6AR, Morgan Stanley Mortgage Loan Trust 2006-7, Morgan Stanley Mortgage Loan Trust 2006-8AR, Morgan Stanley Mortgage Loan Trust 2006-9AR, Morgan Stanley Mortgage Loan Trust 2006-10SL, Morgan Stanley Mortgage Loan Trust 2006-11, Morgan Stanley Mortgage Loan Trust 2006-12XS, Morgan Stanley Mortgage Loan Trust 2006-13AX, Morgan Stanley Mortgage Loan Trust 2006-14SL, Morgan Stanley Mortgage Loan Trust 2006-15XS, and Morgan Stanley Mortgage Loan Trust 2006-16AX |
U.S. District Court for the Southern District of New York |
n/a |
MBS-related class action removed from Orange County Superior Court to the U.S. District Court for the Southern District of New York. |
In re Morgan Stanley Mortgage Pass-Through Certificates Litigation |
09-CV-02137 (LTS)(MHD) |
6-Apr-2009 |
www.mortgagedaily.com/InvestorClassActions040909.asp |
| n.a. |
Extended Stay America Inc. |
U.S. Bankruptcy Court |
$1,800,000,000 |
One-quarter of individual investors in a $4.1 billion securitization issued by Extended Stay America Inc. have bypassed the trustee structure to represent themselves in the company’s Chapter 11 Bankruptcy reorganization. |
n.a. |
n.a. |
1-Jul-1905 |
www.mortgagedaily.com/Lawsuits062409.asp |
| n.a. |
Extended Stay America Inc. |
U.S. Bankruptcy Court |
$1,800,000,000 |
One-quarter of individual investors in a $4.1 billion securitization issued by Extended Stay America Inc. have bypassed the trustee structure to represent themselves in the company’s Chapter 11 Bankruptcy reorganization. |
n.a. |
n.a. |
1-Jul-1905 |
www.mortgagedaily.com/Lawsuits062409.asp |
| Radian |
n.a. |
n.a. |
n.a. |
Class action claiming Radian should have disclosed losses sooner from Credit-Based Asset Servicing and Securitization was dismissed. |
n.a. |
n.a. |
n.a. |
www.mortgagedaily.com/InvestorClassActions050109.asp |
| Regions Financial Corporation, Regions Financing Trust III, C. Dowd Ritter, Samuel W. Bartholomew, Jr., George W. Bryan, David J. Cooper, Earnest W. Davenport, Jr., Don Defosset, James R. Malone, Susan W. Matlock, Charles D. McCrary, Claude B. Nielson, Jorge M. Perez, Lee J. Styslinger, III, Spence L. Wilson, John R. Roberts, UBS Securities LLC, Citigroup Global Markets Inc., Merrill Lynch, Pierce Fenner & Smith Incorporated, Wachovia Capital Markets, LLC, Morgan Stanley & Co. Incorporated, Morgan Keegan & Company, Inc. and Ernst & Young, LLP |
Alfred Fait and preferred shareholders of Regions Financing Trust III |
U.S. District Court for the Southern District of New York |
n/a |
Class action alleges misleading financial statements. |
Alfred Fait, Individually and on Behalf of All Others Similarly Situated, Plaintiff, vs. REGIONS FINANCIAL CORPORATION, REGIONS FINANCING TRUST III, C. DOWD RITTER, SAMUEL W. BARTHOLOMEW, JR., GEORGE W. BRYAN, DAVID J. COOPER, EARNEST W. DEAVENPORT, JR., DON DEFOSSET, JAMES R. MALONE, SUSAN W. MATLOCK, CHARLES D. MCCRARY, CLAUDE B. NIELSEN, JORGE M. PEREZ, LEE J. STYSLINGER, III, SPENCE L. WILSON, JOHN R. ROBERTS, UBS SECURITIES LLC, CITIGROUP GLOBAL MARKETS INC., MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, WACHOVIA CAPITAL MARKETS, LLC, MORGAN STANLEY & CO. INCORPORATED, MORGAN KEEGAN & COMPANY, INC. and ERNST & YOUNG LLP, Defendants. |
n/a |
April 2009 |
www.mortgagedaily.com/InvestorClassActions050109.asp |
| Regions Financial Corporation, Regions Financing Trust III, C. Dowd Ritter, Samuel W. Bartholomew, Jr., George W. Bryan, David J. Cooper, Earnest W. Davenport, Jr., Don Defosset, James R. Malone, Susan W. Matlock, Charles D. McCrary, Claude B. Nielson, Jorge M. Perez, Lee J. Styslinger, III, Spence L. Wilson, John R. Roberts, UBS Securities LLC, Citigroup Global Markets Inc., Merrill Lynch, Pierce Fenner & Smith Incorporated, Wachovia Capital Markets, LLC, Morgan Stanley & Co. Incorporated, Morgan Keegan & Company, Inc. and Ernst & Young, LLP |
Purchasers of the 8.875% Trust Preferred Securities of Regions Financing Capital Trust III |
U.S. District Court for the Southern District of New York |
n.a. |
Class action alleges violations of securities laws by offering false and misleading statements. |
WILLIAM SMITH, Individually and On Behalf of All Others Similarly Situated, Plaintiff, vs. REGIONS FINANCIAL CORPORATION, REGIONS FINANCING TRUST III, C. DOWD RITTER, SAMUEL W. BARTHOLOMEW, JR., GEORGE W. BRYAN, DAVID J. COOPER, EARNEST W. DEAVENPORT, JR., DON DEFOSSET, JAMES R. MALONE, SUSAN W. MATLOCK, CHARLES D. MCCRARY, CLAUDE B. NIELSEN, JORGE M. PEREZ, LEE J. STYSLINGER, III, SPENCE L. WILSON, JOHN R. ROBERTS, UBS SECURITIES LLC, CITIGROUP GLOBAL MARKETS INC., MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, WACHOVIA CAPITAL MARKETS, LLC, MORGAN STANLEY & CO. INCORPORATED, MORGAN KEEGAN & COMPANY, INC. and ERNST & YOUNG LLP, Defendants |
09-CV-03161 |
21-Apr-2009 |
www.mortgagedaily.com/InvestorClassActions050109.asp www.mortgagedaily.com/InvestorClassActions040909.asp |
| The Wells Fargo Mortgage Backed Securities Series: 2006-AR18, 2006-17, 2006-15, 2006-16, 2006-AR19, 2006-18, 2006-20, 2006-19, 2007-1, 2007-PA1, 2007-2, 2007-AR3, 2007-4, 2007-3, 2007-5, 2007-6, 2007-7, 2007-8, 2007-9, 2007-10, 2007-11, or 2007-12, Wells Fargo Asset Securities Corporation, Wells Fargo Bank, N.A., David Moskowitz, Franklin Codel, Thomas Neary, Douglas K. Johnson, Goldman Sachs & Co., JPMorgan Chase, Inc., as successor-in-interest to Bear, Stearns & Co., Inc., HSBC Securities (USA), Inc., Deutsche Bank Securities, Inc., UBS Securities, LLC, Citigroup Global Markets, Inc., Greenwich Capital Markets, Inc., Barclays Capital, Inc., Banc of America Securities, LLC, Banc of America Corporation, as successor-in-interest to Merrill Lynch, Pierce Fenner & Smith, Inc., Moody’s Investor Services, Inc., The McGraw-Hill Companies, and Fitch Ratings, Inc. |
General Retirement System of the City of Detroit and buyers of the WFMBS Pass-Through Certificates, Series 2006-AR18, 2006-17, 2006-15, 2006-16, 2006-AR19, 2006-18, 2006-20, 2006-19, 2007-1, 2007-PA1, 2007-2, 2007-AR3, 2007-4, 2007-3, 2007-5, 2007-6, 2007-7, 2007-8, 2007-9, 2007-10, 2007-11, or 2007-12 |
U.S. District Court for the Northern District of California |
n/a |
Class action alleges defendants disregarded mortgage loan underwriting guidelines which resulted in higher rates of delinquencies and foreclosures on the underlying collateral. |
General Retirement System of the City of Detroit v. The Wells Fargo Mortgage Backed Securities 2006-AR18 Trust, et al |
3:09-CV-01376-SI |
27-Mar-2009 |
www.mortgagedaily.com/InvestorClassActions040909.asp |
| Wells Fargo Asset Securities Corporation, Wells Fargo Bank, N.A.., David Moskowitz, Franklin Codel, Thomas Neary, Douglas K. Johnson, Goldman, Sachs & Co., Morgan Stanley & Co., Inc., JPMorgan Chase, Inc., HSBC Securities (USA), Inc., Credit Suisse Securities (USA), LLC, Deutsche Bank Securities, Inc., UBS Securities, LLC, Citigroup Global Markets, Inc., Greenwich Capital Markets, Inc., Barclays Capital, Inc., Bank of America Securities, LLC, Bank of America Corporation, Moody’s Investors Service, Inc., McGraw-Hill Companies, Inc., Fitch, Inc. and Wells Fargo Mortgage Backed Securities 2006-AR1 Trust |
New Orleans Employees’ Retirement System and other purchasers of Wells Fargo Asset Securities Corporation’s Mortgage Pass-Through Certificates |
U.S. District Court for the Northern District of California |
n/a |
Class action filed in connection with Wells Fargo Asset Securities Corporation allegedly misleading investors about the quality of loans. |
New Orleans Employees’ Retirement System, Individually and on Behalf of All Others Similarly Situated, Plaintiff, v. Wells Fargo Asset Securities Corporations, et al, Defendants |
3:2009cv1620 |
13-Apr-2009 |
www.mortgagedaily.com/InvestorClassActions050109.asp |
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