Litigation

Recent Posts

Bank Of America To Set Aside $14 Billion To Settle RMBS Claims
Posted on 29 Jun 2011 by Timothy Raub

CHARLOTTE, N.C. - (Mealey's) Bank of America Corp. will pay $8.5 billion to settle claims regarding "nearly all of the legacy Countrywide-issued first-lien residential mortgage-backed securitization (RMBS) repurchase exposure, representing 530... Read More

Puerto Rican Bank Settles Subprime-Related Securities Suit
Posted on 28 Jan 2011 by Kevin M. LaCroix

According to Popular, Inc.'s January 27, 2011 press release ( here ), the Puerto Rican bank holding company has reached an agreement in principle to settle the subprime related securities lawsuit pending against the company, as well as in the related... Read More

Mortgage Litigation Rises, According To Report
Posted on 24 Jun 2010 by LexisNexis Litigation Resource Community Staff

DALLAS -- A surge in legal actions tied to foreclosures and investors-related cases helped push the Mortgage Litigation Index to an all-time high during the first quarter. Criminal cases more than doubled and mortgage insurance is emerging as an area... Read More

N.J. Supreme Court: Title Insurers Not Liable For Attorney's Misappropriation Of Funds
Posted on 3 Aug 2010 by Shane Dilworth

TRENTON, N.J. - (Mealey's) A unanimous New Jersey Supreme Court on Aug. 2 found that two title insurance companies cannot be held liable for an attorney's misappropriation of a couple's closing funds for a home sale because no agency relationship... Read More

Mortgage Litigation Up 41 Percent, Index Shows
Posted on 15 Dec 2010 by LexisNexis Litigation Resource Community Staff

DALLAS - Legal actions tied to mortgage lending jumped by more than 40 percent in the third quarter of the year based on the Mortgage Litigation Index out Dec. 13. Activity on more than 100 civil and criminal mortgage-related cases was tracked from... Read More

Exploring The Securities Exceptions To CAFA Jurisdiction
Posted on 2 Nov 2010 by Georgene M. Vairo

Greenwich Fin. Servs. Distressed Mortgage Fund 3 LLC v. Countrywide Fin. Corp. (603 F.3d 23, 2010 U.S. App. LEXIS 8088 [2d Cir. Apr. 20, 2010]) [ enhanced version available to lexis.com subscribers / unenhanced version available from lexisONE Free Case... Read More

Wachovia, KPMG Reach $627 Million Settlement With Investors
Posted on 9 Aug 2011 by Timothy Raub

NEW YORK - (Mealey's) In what Wachovia Corp. shareholders' attorneys are calling the single-largest recovery for claims brought "solely pursuant to" the Securities Act of 1933, the shareholders, Wachovia, certain of its affiliates and... Read More

J.P. Morgan To Pay $153 Million To Settle SEC Lawsuit
Posted on 22 Jun 2011 by Timothy Raub

WASHINGTON, D.C. - (Mealey's) J.P. Morgan Securities LLC will pay $153.6 million to settle claims brought by the Securities and Exchange Commission alleging that it misled investors "in a complex mortgage securities transaction just as the housing... Read More

Massachusetts Attorney General Reaches $102 Million Settlement With Morgan Stanley
Posted on 28 Jun 2010 by Timothy Raub

BOSTON - (Mealey's) Financial giant Morgan Stanley & Co. Inc. has agreed to pay $102 million to settle claims that it illegally provided funding to lenders that provided Massachusetts homeowners with subprime loans and has agreed to a number of... Read More

Goldman Sachs To Pay $550M To Settle Charges It Misled Subprime Investors
Posted on 16 Jul 2010 by Dylan McGuire

NEW YORK - Goldman, Sachs & Co. has agreed to pay $550 million in penalties and to change its business practices to settle allegations brought by the U.S. Securities and Exchange Commission that it misled investors in a subprime mortgage product,... Read More

Countrywide Agrees To Pay $335 Million To Settle Government's Discriminatory Lending Claims
Posted on 23 Dec 2011 by Shane Dilworth

LOS ANGELES - Countrywide Financial Corp. has agreed to pay $335 million to settle claims by the U.S. government that the lender and its subsidiaries engaged in discriminatory lending practices by steering African-American and Hispanic borrowers toward... Read More

Foley & Lardner Alert: Government's False Claims Act Complaint Against Major Financial Institution Alleges False Certifications Of Compliance With HUD Underwriting Rules
Posted on 23 May 2011 by Foley & Lardner LLP

On May 3, 2011, the U.S. Attorney for the Southern District of New York, Preet Bharara, filed a False Claims Act (FCA) suit against Deutsche Bank AG and its subsidiary, MortgageIT, Inc., for making allegedly false statements and certifications of compliance... Read More

Kevin LaCroix: Catching Up On Rulings In Key Subprime-Related Securities Lawsuits
Posted on 13 Apr 2011 by Kevin M. LaCroix

Over the last few days, there have been a series of rulings in high-profile lawsuits arising out of the subprime meltdown and credit crisis. As discussed below, just in the past week there were dismissal motion rulings in cases involving Freddie Mac,... Read More