Tag: Subprime

SEC Charges Reserve Management Co., Others, With Fraud For Disclosures Related to “Breaking the Buck”

The troubles continue to mount for the The Reserve Primary Fund., the money market fund that “broke the buck” on Sept. 16, 2008 and quickly became a defendant in numerous securities class actions.  Today, the SEC announced that it has filed an enforcement action charging the entities and individuals who operate The Reserve Primary Fund “with fraud for failing to…

Read More

SEC Files “Mortgage Meltdown” Cases Against American Home Mortgage Execs

The SEC announced today that it is has charged two former executives at American Home Mortgage Investment Corp. — CEO Michael Strauss and former CFO Stephen Hozie — with accounting fraud and making false and misleading disclosures to conceal the company’s worsening financial condition in early 2007 as the subprime crisis emerged.  The SEC alleges that Strauss and Hozie fraudulently…

Read More

California AG Sues Wells Fargo for $1.5 Billion Over ARS Sales

The state of California sued Wells Fargo yesterday alleging that the bank misled investors about the safety and liquidity of the auction-rate securities that it sold.  DealBook reports that the lawsuit seeks $1.5 billion from Wells Fargo. In a statement yesterday, Attorney General Jerry Brown (pictured) said that “Wells Fargo’s affiliates promised investors auction-rate securities were as safe and liquid…

Read More

Today’s Webcast — The Subprime Boomerang: After the Writedowns Comes the Litigation

Navigant Consulting is sponsoring a webcast today entitled “The Subprime Boomerang: After the Writedowns Comes the Litigation” that will examine the landslide of subprime litigation that is now upon us. It’s been two years since concerns over subprime mortgages threw off the early sparks that eventually grew into the current global credit crisis. The crisis has given rise to unprecedented…

Read More

Tomorrow’s Webcast (March 11 )— The Subprime Boomerang: After the Writedowns Comes the Litigation

On March 11, 2009, Navigant Consulting is sponsoring a webcast entitled “The Subprime Boomerang: After the Writedowns Comes the Litigation” that will examine the landslide of subprime litigation that is now upon us. It’s been two years since concerns over subprime mortgages threw off the early sparks that eventually grew into the current global credit crisis. The crisis has given…

Read More