Many of the toxic mortgage-backed securities that were a key part of the subprime mortgage meltdown were sold in multiple separate offerings based on the same shelf registration statement but separate prospectuses. Each separate offering included multiple securities at varying tranches of seniority and subordination. In the litigation following the subprime meltdown, defendants in suits
Though Case Previously Dismissed , Wells Fargo Settles Wachovia Investor Suit for $75 Million
In an interesting twist on a long –running credit-crisis related securities suit, Wells Fargo has agreed to pay $75 million to settle the Wachovia equity investor securities class action lawsuit, even though their suit had been dismissed at the district court level and was on appeal at the time of the settlement. The parties’ November
Subprime Litigation Targets: Rating Agencies, Auditing Firms?
The subprime scapegoating process has resulted in a round up of the usual suspects, including directors and officers of publicly traded companies. But among other targets many aggrieved parties seem particularly keen to blame in the subprime debacle are the rating agencies.
In prior posts (most recently here), I have noted the securities claims