LOS ANGELES - (AP) Countrywide Financial Corp. agreed to pay $600 million to settle shareholder lawsuits in the largest payout so far from the mortgage meltdown. U.S. District Judge Mariana Pfaelzer in Los Angeles on Monday gave preliminary approval to... Read More
WASHINGTON, D.C. - (AP) Federal bank regulators have sued three former top executives of Washington Mutual, the biggest U.S. bank ever to fail, accusing them of negligence in allowing risky mortgage lending. The Federal Deposit Insurance Corp. filed the... Read More
(AP) Goldman Sachs has disclosed information about a half-dozen lawsuits filed against it by shareholders accusing the big Wall Street firm and senior executives of misconduct and abuse in the wake of civil fraud charges brought by the government over... Read More
WASHINGTON, D.C. - (AP) Banking titan Citigroup Inc. is paying $75 million to settle civil charges that it misled investors about its potential losses from subprime mortgages as the housing bust hit in 2007. The Securities and Exchange Commission announced... Read More
LOS ANGELES — California homeowners sued Bank of America on April 6, claiming the lending giant is intentionally withholding government funds intended to save homeowners from foreclosure, Hagens Berman Sobol Shapiro announced. The case, filed... Read More
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... Read More
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.... Read More
NEW YORK - (Mealey's) E*TRADE Financial Corp. has agreed to a $79 million settlement with investors to settle claims that it misrepresented the risk associated with its investment in subprime mortgage-backed securities in violation of federal securities... Read More
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... Read More
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... Read More
SAN FRANCISCO — (Mealey’s) The Charles Schwab Corp. has agreed to a $200 million settlement of a securities class action lawsuit brought against it and certain of its executive officers and directors by investors alleging that the defendants... Read More
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... Read More
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... Read More
LOS ANGELES - (Mealey's) A federal judge in California on Aug. 9 preliminarily approved a $125 million settlement agreement between shareholders, former officers and directors of subprime mortgagor New Century Financial Corp., the company's outside... Read More
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... Read More