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MBS Lawsuits – Third Quarter 2009 Mortgage Litigation Report Third Quarter 2009 Mortgage Litigation Report

MBS Lawsuits
Third Quarter 2009 Mortgage Litigation Report

Lawsuits related to mortgage-backed securities.

Defendant
Plaintiff
Court
Amount
Overview
Case Title
Case Number
Date Filed Link to Story
Citigroup Inc. Tramont Guerra & Nunez PA U.S. District Court for the Southern District of New York n/a An amended consolidated claim alleges that the defendant employed fraudulent schemes to represent that mortgage-related securities risks it faced had been eliminated, spread or hedged. Tillie Saltzman, et al. v. Citigroup Inc., et al. No. 07 CV 09901 2/20/2009 www.mortgagedaily.com/InvestorLawsuits090309.asp
Structured Asset Mortgage Investments II, Inc., Bear Stearns Alt-A Trust 2006-6, Bear Stearns ARM Trust 2006-4, Bear Stearns Mortgage Funding Trust 2006-AR2, Structured Asset Mortgage Investments II Trust 2006-AR7, Structured Asset Mortgage Investments II Trust 2006-AR6, Bear Stearns Alt-A Trust 2006-5, Bear Stearns Mortgage Funding Trust 2006-AR5, Bear Stearns Alt-A Trust 2006-8, Bear Stearns Mortgage Funding Trust 2006-AR4, Structured Asset Mortgage Investments II Trust 2006-AR8, Bear Stearns Mortgage Funding Trust 2006-AR3, Bear Stearns Alt-A Trust 2006-7, Bear Stearns Alt-A Trust 2007-I, Bear Stearns Mortgage Funding Trust 2007-AR1, Bear Stearns Arm Trust 2007-3, Bear Stearns Mortgage Funding Trust 2007-AR3 and Bear Stearns Arm Trust Pension Trust Fund for Operating Engineers, Individually and on Behalf of All Others Similarly Situated U.S. District Court for the Southern District of New York n/a Defendants allegedly misled investors in a March 6, 2006, registration statement about the quality of the underwriting and appraisals on the underlying loans. Pension Trust Fund For Operating Engineers et al. v. Structured Asset Mortgage Investments II, Inc. et al. No. 1:2009cv06172 7/9/2009 www.mortgagedaily.com/InvestorLawsuits090309.asp
William Betta Jr., Travis A. Branch, James J. Caprio, Troy L. Gagliardi, Russell M. Kautz, Barry M. Kornfeld, Shane A. McCann, Clifford A. Popper, Alfred B. Rubin and Steven I. Shrago Securities and Exchange Commission U.S. District Court for the Southern District of Florida n/a Defendants are charged with falsely marketing investments in MBS derivatives as safe and suitable for retirees and others with conservative investment goals. Securities and Exchange Commission v. Betta et al. No. 9:2009cv80803 5/28/2009 www.mortgagedaily.com/InvestorLawsuits090309.asp
Morgan Stanley & Co. Incorporated, Morgan Stanley & Co. International Limited, The Bank of New York Mellon, QSR Management Limited, Moody’s Investors Service, Inc., Moody’s Investors Service, Ltd, Standard & Poor’s Rating Services and The McGraw-Hill Companies, Inc. Abu Dhabi Commercial Bank U.S. District Court for the Southern District of New York n/a A federal judge ruled that the parent companies of Moody’s Investors Service and Standard and Poor’s Rating Services must defend themselves in a lawsuit filed by Abu Dhabi Commercial bank and Washington State’s King County, however, U.S. District Judge Scheindlin granted a motion for dismissal by Bank of New York. Abu Dhabi Commercial Bank et. al. v. Morgan Stanley & Co. Incorporated et. al. No. 1:08-cv-07508 8/25/2008 www.mortgagedaily.com/Lawsuits091509.asp
Q2 2009 MBS lawsuits

1st quarter 2009 MBS lawsuits

4th quarter 2008 MBS lawsuits

full year 2007 MBS lawsuits

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