Investors' Billion-Dollar Fraud Fighter

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Investors’ Billion-Dollar Fraud Fighter

Investors’ Billion-Dollar Fraud Fighter

I’m sure our foreclosure fraud blogs are a gold mine to these firms.


NYT-

A few days after securing the largest shareholder recovery arising from the financial crisis — $2.43 billion from Bank of America — the plaintiffs’ lawyer Max W. Berger was not taking a victory lap.

“It makes me sad that in all of these scandals, no matter how good a job we do of getting results and inflicting pain, the government doesn’t seem to follow suit, and nobody learns, and it’s business as usual,” he said in an interview.

After a pregnant pause, Mr. Berger broke into a sly smile. He had another thought: “It gives us a lot of business, but it still makes me sad.”

With last month’s settlement with Bank of America, which resolved claims that the bank had misled shareholders about its acquisition of an ailing Merrill Lynch, Mr. Berger, 66, has now been responsible for six securities class-action settlements of more than $1 billion. His firm, Bernstein Litowitz Berger & Grossmann, based in Manhattan, has represented investors in five of the 10 largest securities-fraud recoveries. So far, it has recovered $4.5 billion for investors in cases connected to the subprime mortgage collapse.

[NEW YORK TIMES]

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2 Responses to “Investors’ Billion-Dollar Fraud Fighter”

  1. Joni Brit says:

    Great work Max, but there are still 11 million families in the United States living in homes in underwater mortgages, and eminent domain may soon put them on the street. Are you, like every other Fat Cat Attorney making money off their backs, calling their situation hopeless, paving the way for larger shelters, and more rental properties as FNMA swoops in as the ultimate landlord, and you walk away with your millions crying, “fraud.”

    There’s fraud, yet not even the AG’s suit benefits these 11.1 million underwater households. It’s just a continuation, Bear stearns/ Cambridge Investment / Bank of America Securities LLC, Grant & Eisenhoffer, let’s walk away with zillions of dollars guys, naught naughty…

    There are some benefits to the AG’s suit. At least my friend knows who this guy Clayton was who kept calling her, claiming to have found her security on Bloomberg, on Nasdaq, in the REIT, MTGE, which we all know is one of Buffets present favorite high dividend REIT investments. American Capital Investment Mortgage Corp, MTGE is 77% owned by Wells Fargo’s Dividend Opp Fund, or Wells Fargo Bank NA.
    What makes this more interesting is my friend wondered how Clayton knew it was her Loan Number, because that same set of numbers also stands for Bear Stearns High Income Bond Fund, 20010525, and because she has her Waterfield Servicing records, she can verify, it is into those Bond funds her deposits are going.
    Wells Fargo’s REIT, MTGE suggests my friend’s Loan is in Ace 2005 HE-5, and without servicing records to say otherwise, why not?
    Clayton says there was an inside foreclosure February 2011, on my friend’s corresponding Loan number used specifically for the purpose of Foreclosure.
    I say, “Ridiculous”. An inside foreclosure is another name for, ‘you are now trading in a REIT on Nasdaq, and Wells Fargo and Morgan Stanley are collecting nice dividends so we better hurry up with that foreclosure don’t you think! ”

    And

  2. Joni Brit says:

    Hey Max, my friend wants her security back and it’s a billion dollar security and you’re the billion dollar expert on securities. She says everything always works out in the end and if it doesn’t…it’s not the end!
    For the Home Owners its time for some new beginnings.

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