Wolf Popper currently represents MissPERS, as lead plaintiff, in this action against JPMAC, certain individuals employed by JPMAC or its affiliates, JP Morgan Securities, Inc., on behalf of investors who purchased certain mortgage pass‑through certificates (mortgage-backed securities). The consolidated action is pending in the U.S. District Court for the Eastern District of New York, Case No. 08cv1713 (ERK)(WDW). MissPERS’s amended complaint was filed on March 8, 2010. That amended complaint alleges that the offering documents pursuant to which $36.8 billion in securities were sold contained misrepresentations and omitted to disclose information concerning the underwriting of the mortgage loans serving as collateral for the securities purchased by MissPERS and the class. Those securities, many of which were once rated “triple-A” by the rating agency defendants, were subsequently downgraded to “junk.” Defendants have moved to dismiss the amended complaint, and those motions have been fully briefed since July 22, 2010. The Court has not yet rendered a decision on the motions to dismiss.
Mississippi Pers Appointed Lead Plaintiff And Wolf Popper LLP Appointed Co-Lead Counsel In JP Morgan Mortgage-Pass Through Certificates Securities Class Action
On November 24, 2009 U.S. District Judge Edward R. Korman appointed the Public Employees' Retirement System of Mississippi ("MissPERS") as lead plaintiff, and its counsel, Wolf Popper LLP and Bernstein Litowitz Berger & Grossmann LLP, as co-lead counsel in a securities class action brought on behalf of investors who purchased or otherwise acquired beneficial interests in certain mortgage pass-through certificates offered by JPMorgan Acceptance Corp. I (“JPMAC”) and certain of its affiliates. The action seeks recovery from JPMAC, certain individual employees of JPMAC or its affiliates, JP Morgan Securities, Inc., and from the rating agencies that provided credit ratings on the securities, specifically, Moody’s Investors Service, Inc., the Standard & Poor’s division of the McGraw Hill Companies, Inc. and Fitch, Inc.
The consolidated action is pending in the U.S. District Court for the Eastern District of New York, Case No. 08cv1713 (ERK)(WDW). Lead Plaintiff filed a Consolidated Amended Complaint on March 8, 2010. Defendants have moved to dismiss that complaint, and those motions are fully briefed. The Court has not yet rendered a decision on the motions to dismiss.