MGIC Hit With $500M Securities Class Action

Law360, New York (June 23, 2009, 12:00 AM EDT) -- A consolidated group of plaintiffs has accused mortgage insurance giant MGIC Investment Corp. and company principals of misleading the public about the company's health ahead of a mortgage meltdown-related stock crash that cost investors more than half a billion dollars.

The 130-page amended lawsuit, filed Monday in the U.S. District Court for the Eastern District of Wisconsin, brings together five groups of plaintiffs per the March order of Judge Lynn Adelman.

The complaint, filed on behalf of investors who bought MGIC common stock between Oct. 12,...
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