Berman Tabacco

American Home Mortgage

In re American Home Mortgage Securities Litigation, No. 07-MD-1898 (E.D.N.Y.)

As co-lead counsel representing the Oklahoma Police Pension and Retirement System, Berman Tabacco negotiated a $37.25 million settlement – including $4.75 million from auditors Deloitte & Touche and $8.5 million from underwriters – despite the difficulties American Home’s bankruptcy posed to asset recovery. The crux of the case was that American Home’s financial statements were misleading because the company failed to write down the value of certain loans in its portfolio, which declined substantially in value as the credit markets unraveled.

Case Information

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