In a prior post (here), I described the growing litigation risk arising out of credit default swap (CDS) transactions. In their recent overview of subprime-related litigation entitled “The Pebble and the Pool: The (Global) Expansion of Subprime Litigation” (here), John Doherty and Richard Hans of the Thacher Proffitt and Wood law
Storm Warning: Subprime Litigation Wave Hits Lehman, Wachovia, Schwab and TD Ameritrade
The subprime litigation wave is growing in amplitude and volume, as four companies have found themselves the targets of a total of five new subprime-related securities class action lawsuits, joining the now quite lengthy list of companies that have been swept up in the wave. With the addition of these five new securities lawsuits, as well
More Bear Stearns Litigation and Other Notes
In Bear Stearns’ March 16, 2008 announcement (here) of J.P. Morgan’s acquisition of the company, Alan Schwartz, Bear’s CEO, is quoted as saying that “this transaction represents the best outcome for all our constituencies based upon the current circumstances.” Apparently, a few of those constituencies take a different view.. In addition to
Credit Default Swaps: The Newest Subprime Litigation Front
Add credit default swap counterparty litigation to the growing list of subprime-related litigation categories.
Credit default swaps have, of course, already been drawn into the subprime litigation wave to a certain extent. For example, as I previously noted (here), Swiss Re has been sued in a subprime related securities lawsuit in connection with
Subprime Notes and Updates
New York Subprime Lawsuit Between Two Foreign Banks: As I noted in prior posts (most recently here), mortgage-backed securities investors have already initiated several lawsuits against the investment banks and others that created the securities, some lawsuits filed as individual actions and some as class actions. A mortgage-backed securities investor’s individual lawsuit initiated this week
Subprime Litigation Wave Hits Swiss Re
On February 27, 2007, plaintiffs’ lawyers’ initiated a securities class action lawsuit in the United States District Court for the Southern District of New York against Swiss Reinsurance Company, the world’s largest reinsurance company, and certain of its directors and officers. A copy of the plaintiffs’ lawyers’ press release can be found here and
