Vanderbilt Pay-For-Play Fraud Cost NM $288M: Suit

By Shannon Henson

Law360, New York (March 11, 2010, 7:59 PM ET) -- A former New Mexico state official has beefed up his whistleblower lawsuit against a slew of defendants, including Vanderbilt Financial LLC, Merrill Lynch & Co. Inc., Katten Muchin Rosenman LLP, Richards Layton & Finger PA and Clifford Chance US LLP, saying the state lost $288 million at the hands of a pay-to-play scheme involving mortgage-backed securities.

Former state education investment official Frank Foy's original qui tam lawsuit, filed in 2008 in the Santa Fe County First Judicial District Court, alleged the losses totaled about $90 million,...
To view the full article, take a free trial now.

Already a subscriber? Click here to login

You must correct or enter the following before you can submit this form:

All fields required

  5. Required

Only Law360 gives you:

Non-stop coverage of high-stakes litigation across 30 practices

Real-time tracking and reports on 10,000+ companies, firms and industries

Over 80,000 attorney profiles with neutral data collected from active lawsuits

Research tools to find cases, court documents, attorneys and companies

Customized feeds and alerts that can easily be shared with colleagues

In-depth expert analysis from high-profile attorneys at top firms

Access to our vault with over 75,000 original articles