The parties to the Citigroup subprime-related securities class action lawsuit – one of the highest profile of the remaining subprime cases – have agreed to settle the suit for $590 million, in what is the third largest settlement so far out of the subprime and credit crisis litigation wave. Southern District of New York Judge
subprime lawsuit settlement
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FDIC Files First Failed Bank Lawsuit in Florida: Even though Florida has had the second highest number of bank failures of any of the states during the current bank failure wave (trailing only Georgia), the FDIC had not filed any failed bank lawsuit in Florida—until now. On March 13, 2012, the FDIC filed an…
Bank of America Announces Massive $8.5 Billion Mortgage-Backed Securities Settlement
The Internet is buzzing over Bank of America’s June 29, 2011announcement (here) of its eye-popping $8.5 billion settlement to resolve “nearly all” of the repurchase claims involving legacy Countrywide-issued residential mortgage-backed securities (RMBS). The company’s press release and accompanying June 29, 2011 filing on form 8-K contain a lot of information about the…
Credit Suisse Subprime Securities Suit Settled for $70 Million
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 by which the company has agreed to pay the…
Another Subprime Suit Survives Renewed Dismissal Motion
As a result of a November 2, 2009 ruling (here) by Northern District of California Judge Susan Illston, the PMI Group securities class action lawsuit is the latest subprime-related securities suit to survive a renewed motion to dismiss following plaintiffs’ filing of an amended complaint after the motion to dismiss their initial…
Court Preliminarily Approves $150 Million Subprime-Related Merrill Lynch Bond Action Settlement
It seems that Southern District of New York Judge Jed Rakoff has been busy lately reviewing proposed settlements related to Merrill Lynch. But unlike his recent well-publicized refusal to accept the SEC’s proposed settlement of its enforcement action regarding the Merrill Lynch bonus disclosures, he did agree on August 21, 2009 to preliminarily approve the…
Accredited Home Lenders Settles Subprime Securities Lawsuit
In the latest subprime-related securities lawsuit to be settled, on July 15, 2009, the parties to the Accredited Home Lenders Holding Company securities fraud lawsuit filed a motion for preliminary approval of their proposed $22 million settlement of the case. A copy of the parties’ stipulation of settlement can be found here. Background regarding…
Beazer Homes Settles Subprime Securities Lawsuit
Though the subprime and credit crisis-related securities litigation wave is now well into its third year, relatively few of the cases have yet settled or otherwise finally been resolved. However, the parties to one of the securities lawsuits filed in the earliest stages of the litigation wave have announced that they have settled the case…
Merrill Lynch Enters Massive Subprime Securities Lawsuit Settlements
They aren’t the first subprime lawsuit settlements, but the two massive settlements Merrill Lynch announced this past Friday are unquestionably the largest subprime subprime securities lawsuit settlements so far, and they certainly suggest the enormous stakes that may be involved in the mass of subprime and credit crisis-related litigation cases that remain pending.
In a…
First Subprime Securities Lawsuit Settlement?
In what is as far as I am aware the first class action settlement in the current wave of subprime-related securities lawsuits, on October 14, 2008, WSB Financial Group announced (here) that it had entered into a settlement agreement of the class action lawsuit pending against the company and certain of its directors…