Case Page

 

Case Status:    DISMISSED    
On or around 10/30/2013 (Other)

Filing Date: February 22, 2010

According to a press release dated February 25, 2010, the Certificates issued were supported by large pools of mortgage loans generally secured by first liens on residential properties, including conventional, adjustable rate and negative amortization mortgage loans. The Action alleges that the Offering Documents included material misstatements and/or omissions concerning, among other things: (i) the underwriting standards purportedly used in connection with the origination of the underlying mortgage loans; (ii) the maximum loan-to-value ratios used to qualify borrowers; (iii) the appraisals of properties underlying the mortgage loans; and (iv) the debt-to-income ratios permitted on the loans. As a result of the alleged misstatements and omissions, the Certificates were secured by assets that had a much greater risk profile than represented in the Offering Documents causing the Credit Ratings Agencies to assign faulty and inflated credit ratings to the Certificates.

By early 2009, the amount of uncollectible mortgage loans securing the Certificates began to be revealed to the public, and the Ratings Agencies began to downgrade the Certificates’ credit ratings significantly. The delinquency and foreclosure rates of the mortgage loans securing the Certificates have continued to sky-rocket. As a result, the Certificates have declined precipitously in value.

On October 19, 2010, an opinion and Order were issued by the Court granting the Pension Trust Fund’s motion to be appointed lead plaintiff, and the Operating Engineers’ motion to be appointed lead plaintiff was denied.

On December 13, 2010, an Amended Complaint was filed by the lead plaintiffs against the defendants.

On April 29, 2011, the Court issued an order granting the plaintiffs motion to voluntarily dismiss all charges without prejudice against one of the defendants.

On July 31, 2012, the Court issued an Order granting the Defendants' Motion to Dismiss with prejudice. On September 17, 2013, this Order was affirmed by a Judgment by the U.S. Court of Appeals for the Third Circuit.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol:
Company Market: Privately Traded
Market Status: Privately Held

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. New Jersey
DOCKET #: 10-CV-00898
JUDGE: Hon. Dennis M. Cavanaugh
DATE FILED: 02/22/2010
CLASS PERIOD START: 05/14/2007
CLASS PERIOD END: 02/22/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen Milstein Sellers & Toll PLLC (New York)
    88 Pine Street, 14th Floor, Cohen Milstein Sellers & Toll PLLC (New York), NY 10022
    212.838.7797 212.838.7797 ·
No Document Title Filing Date
COURT: D. New Jersey
DOCKET #: 10-CV-00898
JUDGE: Hon. Dennis M. Cavanaugh
DATE FILED: 12/13/2010
CLASS PERIOD START: 05/14/2007
CLASS PERIOD END: 02/22/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Boca Raton)
    120 East Palmetto Park Road, Suite 500, Robbins Geller Rudman & Dowd LLP (Boca Raton), FL 33432
    561.750.3000 561.750.3364 ·
No Document Title Filing Date
No Document Title Filing Date