MBS Litigation — Huge Exposure For Banks?

Law360, New York (June 15, 2009, 12:00 AM EDT) -- The ongoing financial crisis has resulted in a significant increase in the number of securities class actions that have been filed in the last two years. According to the recently released PWC annual survey, a total of 210 such cases were filed in 2008 compared with 163 in 2007 and 109 in 2006.

More of these suits were filed against the financial services industry than any other. Nearly every large bank and every large mortgage company has been sued — some of them many times....
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