Shareholders Launch Follow-On Securities Lawsuit Against Goldman Sachs

The SEC's high-profile enforcement action against Goldman Sachs and one of its investment bankers may or may not revitalize the waning subprime and credit crisis-related litigation wave, but it has at least sparked an outbreak of follow on civil litigation against Goldman Sachs. According to their...

The Sands of Time: An Interesting New Subprime Securities Suit

The subprime and credit crisis-related litigation wave may now be in its fourth year, but lawsuits continue to come in. The latest of these suits - a securities class action lawsuit involving Las Vegas Sands - has a number of interesting features, and it also raises the question whether we may see even...

2 Subprime Suit Dismissal Motion Rulings

In two separate decisions, two courts issued opinions in cases that each related in different ways to Credit-Based Asset Servicing and Securitization, LLC , also known as C-Bass. As discussed below, Judge Rakoff has issued an opinion substantiating his prior dismissal motion rulings in the C-Bass subprime...

Why Ambac's Subprime Securities Suit Settlement Is Noteworthy

In its December 15, 2010 filing of Form 8-K ( here ), Ambac Financial Group announced that it had entered a memorandum of understanding to settle the subprime-related securities class action lawsuits pending against the company and certain of its directors and officers for a payment of $27.1 million...

1st Circuit Affirms In Part, Reverses In Part Nomura Subprime Securities Suit Dismissal

As a result of the First Circuit's January 20, 2011 opinion, the plaintiffs in the Nomura Asset Acceptance Corporation mortgage-backed securities lawsuit have managed to revive a slender portion of their case, albeit on a rather precarious basis. The First Circuit otherwise affirmed the lower court's...

Credit Suisse Subprime-Related Securities Class Action Settles For $70 Million

In resolution of a securities case that at one time had actually been dismissed and that even after being revived was substantially narrowed based on the U.S. Supreme Court's Morrison decision, the parties to the Credit Suisse subprime-related securities class action lawsuit have reached a settlement...

Plaintiff Jury Verdict In BankAtlantic Subprime Securities Lawsuit Set Aside

The jury verdict entered in favor of the plaintiffs in the BankAtlantic subprime-related securities suit has been set aside by the court in a post-trial ruling. On April 25, 2011, Southern District of Florida Judge Ursula Ungaro , in a 112-page opinion ( here ), granted the defendants' motion for...

Oppenheimer Funds Subprime Securities Suits Settle For $100M

The parties to two of the consolidated subprime-related securities lawsuits pending against Oppenheimer Funds have settled the case for a total of $100 million. This settlement has a number of interesting features, as discussed further below, including in particular aspects of the allocation of the total...

Judge Denies Motion To Dismiss In Regions Financial Corporation Subprime Securities Lawsuit

In a decision that largely turned on detailed confidential witness statements, on June 7, 2011, Northern District of Alabama Judge Inge Prytz Johnson denied the motions to dismiss in the Regions Financial Corporation subprime-related securities lawsuit. This ruling is the latest of a series of decisions...

New York Comptroller, National City Corp. Settle Securities Class Action Lawsuit For $168 Million

In the latest eye-popping subprime-related securities class action lawsuit settlement, the parties to the National City Corporation securities class action lawsuit have agreed to settle the case for $168 million. The proposed settlement is subject to court approval. The August 8, 2011 press release of...

Former Colonial Bank Executives Agree To Settle Class Action Lawsuit For $10.5 Million

In a settlement that apparently will be funded entirely by D&O insurance, the plaintiffs and 23 former executives of the failed Colonial Bank of Montgomery, Alabama have agreed to settle the class action securities lawsuit that investors filed in connection with the bank's 2009 collapse, for...