March 11, 2013
Reiss on Booming Structured Finance Litigation
Law360 interviewed me about the boom in structured finance litigation arising from the Financial Crisis (here, behind a paywall): banks will not be able to let their guard down anytime soon, thanks to the U.S. Department of Justice’s rediscovery of … Continue reading
March 11, 2013 in Investor lawsuits | Permalink | No Comments
March 4, 2013
Second Circuit Finds Plausible Claims of Widespread Misconduct in RMBS Offering
The Second Circuit ruled in New Jersey Carpenters Fund v. The Royal Bank of Scotland Group et al. on a number of issues, but of interest to me are the sections dealing with allegations of misrepresentations. The Court writes that … Continue reading
March 4, 2013 in Investor lawsuits | Permalink | No Comments
March 1, 2013
Rakoff Rules Again for an Investor Against a Securitizer
Judge Rakoff explains his denial of the defendants’ (various Bear Stearns, JPMorgan and WAMU entities) motion to dismiss the suit. The suit alleges that the defendants “made fraudulent representations regarding the riskiness of he securitizations and the underlying loans” upon … Continue reading
March 1, 2013 in Investor lawsuits | Permalink | No Comments
February 6, 2013
Massachusetts Superior Court Holds that Assignee of Residential Mortgage Backed Securities has Standing to Seek Statutory Damages
In Cambridge Place Inv. Mgmt., Inc. v. Morgan Stanley & Co., No. 10-2741-BLS1, 2012 WL 5351233, at *20 (Mass. Super. Ct. Suffolk Co. Sept. 28, 2012), the Superior Court of Massachusetts held that Cambridge Place Investment Management, Inc. (CPIM), as … Continue reading
February 6, 2013 in Investor lawsuits | Permalink | No Comments
January 16, 2013
Rating Agency Liability The Wide World Over
Haar has posted a draft of Civil Liability of Credit Rating Agencies – Regulatory All-or-Nothing Approaches between Immunity and Over-Deterrence. This paper helps to fill in a gap in the literature about potential liability of rating agencies across the globe. … Continue reading
January 16, 2013 in Investor lawsuits | Permalink | No Comments
January 9, 2013
Scheindlin Allows More Fraud Claims Against Rating Agencies To Go To Trial
Judge Scheindlin (SDNY) has ruled that investors can proceed with their fraud claims against the big three rating agencies for giving a top rating to a SIV. There are no surprises in this opinion as it tracks the reasoning of … Continue reading
January 9, 2013 in Investor lawsuits | Permalink | No Comments
November 28, 2012
HSH Nordbank Sues Barclays Bank for Fraud in Issuing Mortgage-Backed Securities
In HSH Nordbank v. Barclays Bank, No. 652678/2011 (New York County Apr. 2, 2012), HSH Nordbank claims that Barclays Bank issued MBS offering materials that included false and misleading statements regarding (1) assignment of mortgages and notes to trusts, (2) the tax treatment … Continue reading
November 28, 2012 in Investor lawsuits | Permalink | No Comments
