Cases / Notable Cases

IndyMac - Residential Asset Securitiztion Trust Securities Litigation


Court Approves Settlement On Behalf of Investors in the Residential Asset Securitization Trust 2006-A8 Class Action Litigation 

On January 27, 2014, Judge Lewis A. Kaplan presided over the Final Approval Hearing in this matter.  The Court granted final approval of the settlement, finding it fair and reasonable. The Court also noted that no Class member had either objected to the settlement or sought exclusion from its terms.  

Residential Asset Securitization Trust 2006-A8 - Final Settlement Approval and Fee Request papers filed

On December 20, 2013, lead plaintiff Vaszurele Ltd. filed with the Court the following documents in support of its motions for final approval of the Settlement and for an award of attorneys' fees and expenses: 

Lead Plaintiff's Notice of Motion for Final Certification of the Settlement Class, Approval of the Proposed Settlement, and Approval of the Plan of Allocation (ECF 117);

Lead Plaintiff's Memorandum of Law in Support of Its Motion for Final Certification of the Settlement Class, Approval of the Proposed Settlement, and Approval of the Plan of Allocation (ECF 118);

Lead Plaintiff's Notice of Motion for an Award of Attorneys' Fees and Reimbursement of Expenses (ECF 119);

Lead Plaintiff's Memorandum of Law in Support of Its Motion for an Award of Attorneys' Fees and Reimbursement of Expenses (ECF 120); and

The Declaration of James A. Harrod in Support of (I) Lead Plaintiff's Motion for Final Certification of the Settlement Class, Approval of the Propsed Settlement, and Approval of the Plan of Allocation, and (II) Lead Plaintiff's Motion for an Award of Attorneys' Fees and Reimbursement of Expenses (inclusive of Exhibits A-D) (ECF 121).

Residential Asset Securitization Trust 2006-A8 Settlement Notice and Proof of Claim Form - Court Orders Notice to Be Sent In Connection with $10.9 Million Settlement

Court Grants Lead Plaintiff’s Motion to Certify Class of IndyMac Mortgage-Backed Securities Investors and Appoints Wolf Popper LLP as Lead Counsel 

On June 29, 2012, in Tsereteli v. Residential Asset Securitization Trust 2006-A8, 08-cv-10637, the United States District Court for the Southern District of New York granted lead plaintiff Vaszurele Ltd.’s motion to certify the class of IndyMac mortgage-backed securities (MBS) investors. The court rejected in full all of defendant Credit Suisse Securities (USA) LLC.’s arguments opposing class certification. The court went on to appoint Wolf Popper LLP as lead counsel, stating that Wolf Popper had “diligently and professionally” litigated the action and “protected the interests of . . . [the] class.”

Court Denies Underwriter Credit Suisse’s Motion to Dismiss Regarding the Abandonment of Underwriting Standards

In Tsereteli v. Residential Asset Securitization Trust 2006-A8, 08-cv-10637(S.D.N.Y.), the United States District Court for the Southern District of New York has denied the motion to dismiss by the underwriter Credit Suisse Securities (USA) LLC in so far as Credit Suisse sought to dismiss the claims asserted against it based on the abandonment of underwriting standards.  Plaintiff, on behalf of investors who purchased Senior Mortgage Pass‑Through Certificates issued by the Residential Asset Securitization Trust 2006‑A8 in a June 28, 2006 public securities offering, allege that Credit Suisse failed in its duty as the underwriter on the offering.


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