Category Archives: loss causation
New Century Debtors’ Complaints Against KPMG Now Available
The two complaints filed April 1 against KPMG, one against the U.S. arm of the Big Four accounting firm in federal court in Los Angeles and the other in federal court in New York against its parent, KPMG International, are … Continue reading
KPMG Sued for $1 Billion Over New Century Meltdown
Two separate lawsuits were filed yesterday against Netherlands-based Big Four accounting giant, KPMG International, and its U.S. subsidiary, KPMG LLP, alleging that KPMG conducted “reckless and grossly negligent audits” that contributed to the collapse of top subprime lender New Century … Continue reading
Countrywide Complaint Against A.I.G. Subsidiary United Guaranty Now Available
Earlier this week, I posted the complaint filed by A.I.G. subsidiary United Guaranty Mortgage Indemnity Co. (UG) in federal court in Los Angeles. The Subprime Shakeout has now obtained the complaint that started this battle of mortgage industry titans, filed … Continue reading
A.I.G. (United Guaranty) v. Countrywide Complaint Now Available
The complaint filed in federal court in Los Angeles by United Guaranty Mortgage Indemnity Co., the mortgage insurer subsidiary of A.I.G., against Countrywide Financial Corp., Countrywide Home Loans, Inc. and the Bank of New York Trust Company is posted below. … Continue reading
A.I.G. and Countrywide Go Head-to-Head Over Mortgage Insurance Coverage
The battle of the titans has begun. As reported by Reuters on Friday, both A.I.G. and Countrywide have now sued one another over who will bear the losses on a $1 billion pool of subprime mortgage loans. Countrywide fired the … Continue reading
