New Mexico Settles Securities Class Action

In a lawsuit regarding prices of mortgage-backed securities, the state of New Mexico has reached a $32.5 million settlement. The financial institutions in the lawsuit are alleged to have manipulated the prices of mortgage-backed securities purchased by state pension funds from 2003 to 2010.

Barclays Capital, Citigroup Global Markets, Goldman Sachs & Co., J.P. Morgan Securities, Merrill Lynch, Pierce, Fenner & Smith, NatWest Markets Securities, and Washington Mutual Mortgage Securities Corp. were all named as defendants in the lawsuit. The firms admitted no liability. The lawsuit was filed on behalf of the New Mexico State Investment Council by the Attorney General’s Office.

This blog is intended to provide information to the general public and to practitioners about developments that may impact Oregon class actions.

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Steve Larson

An experienced trial lawyer who handles both hourly and contingent fee cases, Steve has expertise in class actions, environmental clean-up litigation, antitrust litigation, securities litigation, corporate disputes, intellectual property disputes, unfair competition claims, and disputes involving family wealth. Steve regularly represents individuals and businesses in federal and state court and has obtained class-wide recovery in multiple class actions. A veteran practitioner, Steve’s clients value his creative approach to resolving complex litigation matters.


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