The First Marblehead Corporation - Securities Class Action

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Copyright (c) 2001
Stanford Law School

The First Marblehead Corporation Summary: The lawsuit claims that First Marblehead and a number of individual defendants violated Sections 10(b) and 20(a) of the Exchange Act, 15 U.S.C. Sections 78j (b) and 78t(a) and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission ("SEC"), 17 C.F.R. Section 240.10b-5.

According to the complaint, the defendants made materially false and misleading statements about the performance and quality of First Marblehead's securitizations in SEC filings and other statements to the investing public. Among other things, First Marblehead misrepresented the level of default rates in its portfolio and the default rates' effect on the Company's ability to securitize additional student loan underwritings. The complaint also states that First Marblehead recklessly disregarded that its student loan guarantor, The Education Resources Institute, was under-reserved and unable to adequately insure student loans underwritten by the Company. The guarantor filed for bankruptcy protection on April 7, 2008.

On August 28, 2008, the Court entered the Order consolidating the action under Lead Case No. 08-10612-JLT and appointing Pembroke Pines Fire and Police Pension Fund and Universal-Investment-Gesellschaft MBH as Lead Plaintiff and the law firm of Motley Rice LLP as Lead Counsel. On November 28, 2008, an Amended Class Action Complaint was filed by the plaintiffs. On February 29, 2009, the defendants filed a motion to dismiss the Amended Class Action Complaint. On August 5, 2009, Judge Joseph L. Tauro signed the Order and Memorandum granting the motion to dismiss. The civil case has been terminated.

INDUSTRY CLASSIFICATION:
SIC Code: 6141
Sector: Financial
Industry: Consumer Financial Services

COMPANY/ISSUER NAME:	The First Marblehead Corporation
COMPANY/ISSUER TICKER:	FMD
COMPANY WEBSITE:	http://www.firstmarblehead.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Stephen E. Keller, et al. v. The First Marblehead Corporation, et al.

COURT: D. Massachusetts	DOCKET NUMBER: 08-CV-10612
JUDGE NAME: Hon. Joseph L. Tauro
DATE FILED: 04/10/2008	SOURCE: Notice of Filing
CLASS PERIOD START: 08/10/2006	CLASS PERIOD END: 04/07/2008
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Berman DeValerio Pease Tabacco Burt & Pucillo (MA) One Liberty Square, Boston, MA, 02109 (voice) 617.542.8300, (fax) , Paskowitz & Associates 60 East 42nd Street, 46th Floor, New York, NY, 10165 (voice) 212.685.0969, (fax) 212.685.2306, classattorney@aol.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 2

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Class Action Complaint for Violation of Federal Securities Laws - Jury Trial Demanded
Type: Complaint		Date on the document: 4/10/2008
Order
Type: Order		Date on the document: 8/28/2008
Order
Type: Order		Date on the document: 8/28/2008

REFERENCE COMPLAINT

In Re The First Marblehead Corporation Securities Litigation

COURT: D. Massachusetts	DOCKET NUMBER: 08-CV-10612
JUDGE NAME: Hon. Joseph L. Tauro
DATE FILED: 11/28/2008	SOURCE: Docket
CLASS PERIOD START: 08/10/2006	CLASS PERIOD END: 04/07/2008
TYPE OF COMPLAINT: First Amended
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Motley Rice LLC (Atlanta) One Georgia Center; 600 West Peachtree Street, Suite 800, Atlanta, GA, 30308 (voice) 1-800-768-4026, (fax) , inquiry@motleyrice.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 1

DOCUMENTS FOR THE REFERENCE COMPLAINT
Amended Class Action Complaint
Type: Complaint		Date on the document: 11/28/2008
Defendants' Motion to Dismiss Amended Class Action Complaint
Type: Motion		Date on the document: 02/09/2009
Memorandum
Type: Memorandum		Date on the document: 08/05/2009
Order of Dismissal
Type: Order		Date on the document: 08/05/2009
US District Court Civil Docket
Type: Docket		Date on the document: 08/05/2009

OTHER DOCUMENTS
Class Action Complaint - Jury Trial Demanded
Case Name and/or Number: Charles J. Byrne, et al. v. The First Marblehead Corporation, et al.
Type: Complaint		Date on the document: 4/18/2008
Class Action Complaint for Violations of the Federal Securities Laws - Demand for Jury Trial
Case Name and/or Number: Ryan Edmundson, et al. v. The First Marblehead Corporation, et al.
Type: Complaint		Date on the document: 04/25/2008
Class Action Complaint For Violations Of Federal Securities Law Jury Trial Demanded
Case Name and/or Number: Robert M. Largent, et al. v. The First Marblehead Corporation, et al.
Type: Complaint		Date on the document: 5/12/2008
Verified Shareholder Derivative Complaint For Breach Of Fiduciary Duty, Waste Of Corporate Assets, Unjust Enrichment And Violations Of The Securities Exchange Act Of 1934
Case Name and/or Number: Christopher Carmona, et al. v. The First Marblehead Corporation, et al.
Type: Complaint		Date on the document: 5/14/2008

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