New York Attorney General Uses Martin Act for Wide-Ranging MBS Lawsuits, Promises More
November 30, 2012
New York Attorney General Eric Schneiderman said he plans to file more lawsuits against non-agency MBS issuers using the Martin Act, which allows platform-wide cases as opposed to cases focused on specific deals. Its not about one deal or five deals or 10 deals, its about the entire course of conduct, he said last week after filing a platform-wide lawsuit against Credit Suisse Securities. The lawsuit was filed as part of the RMBS Working Groups efforts, including a similar lawsuit Schneiderman filed in October against JPMorgan Chase. The actions you have seen...