REID COLLINS AND NEW MEXICO ATTORNEY GENERAL REACH $32.5 MILLION SETTLEMENT WITH FINANCIAL INSTITUTIONS OVER MORTGAGE-BACKED SECURITIES WHISTLEBLOWER CASE
New Mexico Attorney General Hector Balderas announced that a $32.5 million settlement was reached with seven financial institutions (entities of Barclays, Citigroup, Goldman Sachs, J.P. Morgan, Merrill Lynch, NatWest and Washington Mutual) resolving whistleblower allegations over mortgage-backed securities sold to the State. Reid Collins filed the lawsuit in 2014 representing its client, Integra REC, LLC, as a qui tam action under the New Mexico Fraud Against Taxpayers Act on behalf of the State of New Mexico. The action alleges that the financial institutions did not adequately disclose the characteristics of certain residential mortgage-backed securities purchased by New Mexico pension funds and a state-run investment council during 2003-2010. The Court confirmed dismissal of the action in light of the settlement on December 1, 2021, and the case is captioned State of New Mexico ex rel. Integra REC, LLC v. JPMorgan Securities LLC et al., Case No. D-101-CV-2014-00256.
R. ADAM SWICK SPEAKS AT ABI 2021 CROSS-BORDER INSOLVENCY PROGRAM
View the Attorney General’s press release here.
On November 19, 2021, Reid Collins partner, R. Adam Swick, was a featured panelist at the ABI’s 2021 Cross-Border Insolvency program. The panel, entitled “Brazil: Cross-Border Insolvency Update,” addressed major changes to Brazil’s bankruptcy law, including the adoption of the UNCITRAL Model Law on Cross-Border Insolvency.
Adam Swick has substantial experience with Chapter 15 bankruptcy cases and cross-border litigation. In addition to his cross-border practice, Mr. Swick represents corporations, investment funds, litigation trusts, bankruptcy trustees, and other fiduciaries in pursuing negligence, fraud, and clawback claims against a variety of defendants.
Reid Collins Files Suit on Behalf of Emerald Lake Capital Management Co-Founder Carling O’Brien
Click here to view the full agenda.
On November 8, 2021, Reid Collins filed suit in Los Angeles Superior Court on behalf of Carling O’Brien, a partner and co-founder of Emerald Lake Capital Management, against Dan Lukas, Emerald Lake, and others. O’Brien alleges that Lukas engaged in a bad-faith scheme to confiscate her valuable partnership interest and carried interest grants, and to cover his tracks by making false and defamatory statements to Emerald Lake investors. O’Brien seeks tens of millions of dollars in compensatory damages.
See complaint here.
Read WSJ story here.