Robbins Geller Announces that the United States Court of Appeals for the First Circuit Allows Claims in the Nomura Asset Mortgage-Backed Securities Litigation to Proceed
Robbins Geller today announced that on January 20, 2011, the United States Court of Appeals for the First Circuit reversed in part a lower court ruling dismissing the case and allowed some of plaintiffs’ claims to go forward in the litigation entitled Plumbers’ Union Local No. 12 Pension Fund v. Nomura Asset Acceptance Corp., Case No. 08-cv-10446, pending in the United States District Court for the District of Massachusetts.
This case is a class action, originally on behalf of all investors who acquired the Mortgage Pass-Through Certificates of eight different trusts from Nomura Asset Acceptance Corporation (the “Certificates”). The complaint alleges that defendants made false and misleading statements in offering documents used to sell mortgage-backed securities in each of the eight trusts. On September 30, 2009, the District Court dismissed all of the claims. Plaintiffs appealed, and on January 20, 2011, the Court of Appeals reversed the District Court in part. The Court of Appeals ruled that the case could proceed as to two of the trusts in which plaintiffs had bought Certificates. However, the Court of Appeals also ruled that plaintiffs lacked standing to represent investors in six of the eight trusts. Those six trusts are listed below. If investors in those six trusts do not step forward as class representatives, investors in those six trusts will not be included in this litigation. Please contact Arthur C. Leahy to discuss your legal rights if you bought Certificates in any of the following six Nomura trusts:
Alternative Loan Trust 2006-AF2
Alternative Loan Trust 2006-AR1
Alternative Loan Trust 2006-AR2
Alternative Loan Trust 2006-AR3
Alternative Loan Trust 2006-AR4
Alternative Loan Trust 2006-WF1
Robbins Geller, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Robbins Geller Web site (http://www.rgrdlaw.com) has more information about the firm.