Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Thursday, May 23, 2024 | Back issues
Courthouse News Service Courthouse News Service

Subprime Fiasco Brings Another Class Action

SAN FRANCISCO (CN) - Shareholders claim the PMI Group defrauded the market about its exposure to subprime mortgage securities, inflating its share price, which crashed from $50.21 in February 2007 to $6.48 on Jan. 17.

The federal class action claims PMI, which "provides credit enhancement products designed to promote homeownership and facilitate mortgage transactions" on three continents inflated its share price through false and misleading financial statements.

Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.