Home Equity Mortgage Trust Case 06/23/2008

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Company Name(s): 
Home Equity Mortgage Trust
Case Name: 
Home Equity Mortgage Trust Case 06/23/2008
Case Status: 
Lawsuit filed
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
06/23/2008
Class Period Begin: 
10/30/2006
Class Period End: 
10/30/2006
Summary: 

The complaint charges certain officers and directors of the underwriter Credit Suisse, as well as credit ratings institutions Moody’s and DBRS with misleading investors in regards to the risk levels of Mortgage Pass-Through Certificates. Plaintiffs allege that the Underwriter did not use proper due diligence in assessing the securities and that the ratings agencies assigned the securities the highest ratings levels despite being tied to the high-risk subprime market.
The complaint was originally filed in the Supreme Court in the State of New York on June 3, 2008 but was removed to the Southern District Court of New York after a motion filed by Moody’s.