On July 12, 2010, in one of the more high-profile investor
actions filed as part of the subprime securities litigation wave, Southern
District of New York Judge Sidney
Stein substantially denied in part the defendants' motions to dismiss in
the Citigroup Bond Litigation. A copy of the opinion...
In a public report that makes for some interesting reading,
UBS on October 14, 2010 released a statement disclosing that though its own
investigation had concluded that "what happened should not have been
allowed to happen," the company will take no legal action against its
In a resolution of one of the longest running
subprime-related securities class action lawsuits, the parties to the Toll
Brothers subprime securities suit have agreed to settle the case for $25
million. The parties' stipulation of settlement filed on October 28, 2010 can
be found here .
There is a reason that when class action settlements are
announced, they are described as preliminary and subject to final approval -
sometimes the settlements fall apart before the case is finally put to rest.
That appears be what has happened with the Schwab YieldPlus subprime-related
In a November 9, 2010 order ( here ) in the Citigroup subprime-related securities suit,
Southern District of New York Judge Sidney Stein
dismissed a host of allegations and a number of individual defendants. However,
Judge Stein denied the motion to dismiss as to plaintiffs' claims regarding...
In the first securities class action jury verdict to
arise out the credit crisis, on Thursday November 18, 2010, the jury in the
BankAtlantic securities lawsuit in federal court in Miami returned a
verdict in the plaintiffs' favor, finding seven of the statements at issue to
have been false,...
In a January 5, 2011 order, Southern District of New York
Judge Paul Crotty
granted the defendants' motions to dismiss the consolidated Barclays Bank
subprime-related securities class action lawsuit. A copy of Judge Crotty's
order can be found here .
Although Judge Crotty's order is...
The first subprime-related securities class action
lawsuit was filed in February 2007, and so the subprime and credit
crisis-related litigation wave will soon enter its fifth year. With the
anniversary date just ahead, it seems like an appropriate time to step back for
an updated interim status update...
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...
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 ERISA lawsuit. The securities suit has settled...
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...
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,
Wachovia/Wells Fargo, and AIG. Though some or...