Congress, the Credit Crisis, and Culprits

Congressional fact-finding hearings are generally unedifying spectacles, involving as they do the weird rite of ritual public witness humiliation and accomplishing little except the suggestion of troubling questions about the kind of person who manages to get elected to Congress. Some might say that...

Prior Years' Filing Trends Carry Over as 2011's First Credit Crisis Securities Suit Arrives

The filing of new subprime meltdown and credit crisis-related securities suits dwindled as 2010 progressed, which some commentators interpreted to suggest that the litigation filing phenomenon might finally have run its course. But though we have now begun the fifth year since the first subprime...

Flash From the Past?: New Credit Crisis-Related Securities Suits Filed

As the worst days of the financial crisis (if not their ill effects) receded into the past, the accompanying credit crisis-related litigation wave appeared to lose its momentum. By late 2010, new credit crisis-related lawsuit filings seemingly had dwindled away. But now at the midpoint of 2011, two...

Bank of America to Pay $2.43B to Settle Securities Class Action Lawsuit

NEW YORK - (Mealey's) In what is being called the largest settlement of a credit-crisis-related securities class action lawsuit, Bank of America Corp. (BoA) has agreed to a $2.43 billion settlement on claims that it and certain of its executive officers and directors misrepresented the company's...

Countrywide MBS Securities Suit Settles for $500 Million

In what is the largest settlement so far of an mortgage-backed securities class action lawsuit filed as part of the subprime and credit-crisis securities litigation wave, the parties to the consolidated Countrywide mortgage-backed securities suit pending in the Central District of California have...

Countrywide Reaches $500M Settlement in Mortgage-Backed Securities Class Actions

LOS ANGELES - (Mealey's) Countrywide Financial Corp. will pay $500 million to shareholders in three related securities class action lawsuits to settle claims that it misrepresented the investment quality of mortgage-backed securities (MBS) in what is being called the largest-ever MBS class action...