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Bear Sterns Mortgage Securitization Fraud

Ambac Assurance Corp. v. EMC Mortgage Corp. and J.P. Morgan Securities Inc., 65021/2011 (N.Y. Supr. N.Y. Co.) Manhattan

In November 2008, Ambac commenced an action in federal court against EMC alleging breach of contract in connection with certain mortgage-backed securities investments. After document discovery, in July 2010 Ambac moved for permission to amend its complaint to add claims of fraudulent inducement (against EMC and proposed new defendant Bear, Stearns & Co., now J. P. Morgan Securities Inc.); federal securities fraud (against EMC, Bear Stearns and ten Bear Stearns employees), and tortious interference with contract (against J.P. Morgan Securities Inc.) The Propose More...

Ambac Assurance Corp. et al. v. EMC Mortgage Corp., 1:08-cv-09464 (S.D.N.Y.) Manhattan

In November 2008, Ambac commenced an action against EMC alleging breach of contract in connection with certain mortgage-backed securities investments. After document discovery, in July 2010 Ambac moved for permission to amend its complaint to add claims of fraudulent inducement (against EMC and proposed new defendant Bear, Stearns & Co., now J. P. Morgan Securities Inc.); federal securities fraud (against EMC, Bear Stearns and ten Bear Stearns employees), and tortious interference with contract (against J.P. Morgan Securities Inc.) The Proposed Amended Complai More...