|
Defendant
|
Plaintiff
|
Court
|
Amount
|
Overview
|
Case Title |
Case Number
|
Date Filed |
Link to Story |
| Credit Suisse Securities; DLJ Mortgage Capital |
Ambac Assurance Corp. |
New York State Supreme Court (Manhattan) |
$44,000,000 |
Defendant is accused of fraudulently inducing plaintiff into insuring home equity lines of credit. Defendant moved to dismiss the lawsuit on the grounds that Ambac is “too sophisticated” to claim it was fraudulently induced to take part in the transaction |
Ambac Assurance Corp. v. DLJ Mortgage Capital, Inc. |
600070/2010 |
7/8/10 |
https://www.mortgagedaily.com/MbsLitigation072610.asp |
| EMC Mortgage Corporation |
Ambac Assurance Corp. |
U.S. District Court for the Southern District of New York |
na |
Motion to compel granted to Plaintiff, requiring originator of loans in the securities to produce and permit inspection of thousands of loan documents. Defendant is accused of breaching representations and warranties about loan quality. |
Ambac v. EMC Mortgage |
1:08-cv-09464-RMB-THK |
7/8/10 |
https://www.mortgagedaily.com/MbsLitigation072610.asp |
| Goldman Sachs Group Inc.; Citigroup Inc; Morgan Stanley |
Cambridge Place Investment Management Inc. |
Massachusetts Superior Court, Suffolk County (Boston) |
n/a |
Plaintiff fund sued defendants seeking reimbursement for losses related to subprime loans. |
Cambridge Place Investment Management Inc. v. Morgan Stanley |
10-2741 |
7/9/10 |
https://www.mortgagedaily.com/MbsLitigation072610.asp, https://www.mortgagedaily.com/MctMbs081510.asp |
| Merrill Lynch, Pierce, Fenner & Smith; Wells Fargo & Co.; JPMorgan Chase & Co; UBS AG |
Charles Schwab Corp. |
California Superior Court (San Francisco) |
$130,000,000 |
Defendants were sued over claims they lied or omitted information on mortgage-backed securities that Plaintiff purchased. |
Charles Schwab v. Merrill Lynch, Pierce, Fenner & Smith |
10-501151 |
6/29/10 |
https://www.mortgagedaily.com/MbsLitigation072610.asp |
| GMAC Mortgage USA Corporation |
Wells Fargo Bank, N.A. |
Court of Appeals of California, Second District, Division Two |
n/a |
GMAC lost its appeal to overturn trial court’s judgment in favor of Wells Fargo, which had sued GMAC for recording fraudulent documents. |
Wells Fargo Bank, NA v. GMAC Mortgage USA |
No. B217147 |
7/23/10 |
https://www.mortgagedaily.com/MbsLitigation072610.asp |
| Thomas Priore; ICP Asset Management, LLC; ICP Securities, LLC; Institutional Credit Partners, LLC |
Securities and Exchange Commission |
United States District Court for the Southern District of New York |
$11,000,000,000 |
SEC sued collateral management company and its founder for fraudulently managing an $11B pool of mortgage-backed CDOs. |
SEC v. Priore |
n/a |
6/21/10 |
https://www.mortgagedaily.com/MbsLitigation072610.asp |
| Capital Loan Specialists, Inc. |
U.S. Bank, N.A. |
Court of Appeals of California, Second District, Division Two |
$495,000 |
Defendant lost appeal to overturn judgment awarding U.S. Bank $495,000 indemnification on fraudulent loan. |
U.S. Bank N.A. v. Capital Loan Specialists, Inc. |
No. B215771 |
6/30/10 |
https://www.mortgagedaily.com/MbsLitigation072610.asp |
| Countrywide Financial Corp; Citigroup Global Markets Inc.; Goldman Sachs & Co.; JP Morgan Securities Inc. |
Iowa Public Employees’ Retirement System; Oregon Public Employees’ Retirement System; Orange County Employees’ Retirement System |
U.S. District Court for the Central District of California |
$350,000,000,000 |
Amended and consolidated class action complaint filed against Countrywide alleged that defendant published false and misleading offering documents. |
Main State Retirement System, Individually and On Behalf of All Others Similarly Situated v. Countrywide Financial Corp et al. |
No. 2:10-cv-00302-MRP-MAN |
1/14/10 |
https://www.mortgagedaily.com/MbsLitigation072610.asp |
| Citigroup Inc. |
n/a |
U.S. District Court for the Southern District of New York |
n/a |
Defendant’s motion to dismiss was granted in part and denied in part. Defendant was accused of making false and misleading statements in a public offering on several bond issuances totaling $71B. |
In re Citigroup Inc. Bond Litigation |
08 Civ. 9522 |
7/12/10 |
https://www.mortgagedaily.com/MbsLitigation072610.asp |
| Robert A. Sivaro, Bill Cheney, Sue Longson, Robert Burrell, Timothy Sidley, Robert H. Harvey, Jr., James Jordan, Timothy Kramer, Robin Lentz, John Merlo, Gordon Dames, William Cheney, Warren Nakamura, Brian Osberg, David Rhamy, Sharon Updike, Todd Lane, T |
National Credit Union Administration Board as Conservator for Western Corporate Federal Credit Union |
U.S. District Court for the Central District of California |
$2,300,000,000 |
The NCUA is suing former executives of Western Corporate Credit Union for fraud. |
National Credit Union Administration Board v. Sivaro, et al. |
No. CV10-01597 GW |
8/31/10 |
https://www.mortgagedaily.com/MctLawsuitNcua090310.asp, https://www.mortgagedaily.com/LitigationInvestor091310.asp |
| Wells Fargo, NA |
Sarasota County, FL |
Sarasota County Circuit Court UPDATE: removed to U.S. District Court for the Middle District of Florida 7/19/10 |
$40,000,000 |
Complaint filed alleging improper investment advice with regard to the county’s securities lending portfolio. |
County of Sarasota v. Wells Fargo Bank, N.A. |
2010 CA 006579 NC |
6/23/10 |
https://www.mortgagedaily.com/LitigationInvestor091310.asp |
| Goldman, Sachs & Co.; Fabrice Tourre |
Securities and Exchange Commission |
U.S. District Court for the Southern District of New York |
$550,000,000 |
Settlement with the SEC where defendant allegdly misstated and omitted key facts regarding a collateralized debt obligation it marketed that was tied to the performance of subprime residential mortgage-backed securities. |
SEC v. Goldman, Sachs & Co. |
No. 10 Civ. 3229 |
4/16/10 |
https://www.mortgagedaily.com/MbsLitigation072610.asp |
