Recent Zwerling Schachter Filings
A class action is pending in the United States District Court for the District of New Jersey on behalf of U.S. policyholders against 23 insurance syndicates of underwriters at Lloyd’s. The complaint alleges that, since 1997 and under the auspices of the Corporation of Lloyd’s and the Lloyd’s Market Association, Defendants and their co-conspirators entered a conspiracy in violation of the Sherman Act and the RICO statute, the purpose and effect of which was to reduce competition in the Lloyd’s insurance market by allocating premium volume among the syndicates (including Defendants) and standardizing the prices and terms of insurance policies. The conspiracy was furthered through a series of horizontal and vertical agreements among defendants and Lloyd’s brokers that control the business in the Lloyd’s insurance market.
Zwerling Schachter represents investors in Fairfield Sentry Limited ("Fairfield Sentry"), a so-called feeder fund controlled by Fairfield Greenwich Group. Fairfield Sentry, in turn, invested such investors' money with Bernard L. Madoff Investment Securities LLC. This class action lawsuit arises out of the largest and longest running "Ponzi" scheme in history -- a fraud orchestrated by Bernard Madoff -- facilitated by the reckless, grossly negligent, and fraudulent conduct of others that cost investors many billions of dollars. Plaintiffs and class members are shareholders and/or equity holders in Fairfield Sentry.
Zwerling Schachter represents the General Retirement System of the City of Detroit and the Police and Fire Retirement System of the City of Detroit with respect to securities class action lawsuits pending in the United States District Court for the Southern District of New York: In re IndyMac Mortgage-Backed Sec. Litig., No. 1:09-CV-4583 and New Jersey Carpenters Health Fund v. Residential Capital, LLC, No. 08-CV-8781-HB.
The complaints in both actions allege that the offering documents, pursuant to which certain mortgage-backed securities were sold, contained misrepresentations and omitted to disclose information concerning the underwriting of the mortgage loans serving as collateral for the securities. Soon after issuance of the securities, and as a result of massive increases in borrower delinquency, foreclosure, repossession and bankruptcy, the value of the securities collapsed. The complaints assert claims under the Securities Act of 1933, 15 U.S.C. § 77a, et seq., on behalf of all persons and entities who purchased or otherwise acquired the securities.