Ex-TMST Execs Can't Escape SEC Fraud Suit

Law360, New York (July 9, 2013, 8:51 PM EDT) -- A New Mexico federal judge on Monday refused to throw out much of a securities fraud suit brought by the U.S. Securities and Exchange Commission against former TMST Inc. executives for allegedly misleading investors by omitting a $428 million loss in the now-bankrupt mortgage lender’s 2007 annual report.

U.S. District Judge James O. Browning found the SEC has sufficiently alleged that the claims of executives from TMST — which was then known as Thornburg Mortgage Inc. — asserting the company was able to hold its impaired...
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