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In re: CIT Group Inc. Securities Litigation
Case Number:
1:08-cv-06613
Court:
Nature of Suit:
Multi Party Litigation:
Class Action
Judge:
Firms
Companies
Sectors & Industries:
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March 13, 2012
CIT Execs Pay $75M To End Investor Row Over Subprime Risks
CIT Group Inc.'s former executives on Tuesday agreed to pay $75 million to settle investors' proposed class action accusing them of concealing risks in subprime loans the business lender issued and of making misleading statements downplaying those risks and inflating company stock.
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August 31, 2011
CIT Investors Blast Goldman, Others Over Discovery
A class of CIT Group Inc. shareholders on Tuesday sought to force Goldman Sachs Group Inc., Morgan Stanley and others that underwrote a 2007 offering of CIT securities to turn over documents for a suit accusing CIT of hiding risks associated with its subprime business.
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July 20, 2009
Investors Say CIT Lied About Risks
Cash-strapped CIT Group Inc. — which is currently embroiled in a struggle to avoid filing for bankruptcy — is also facing allegations that it failed to disclose risks associated with its subprime home lending and private student lending businesses, causing shareholders to suffer “hundreds of millions of dollars” in damages.