Another Example of Insurance Companies Liking Litigation When They Are Plaintiffs
Insurers frequently complain loudly about "trial lawyers" and too much litigation. But they like litigation when they are plaintiffs. Consider, for example, MassMutual’s evident pleasure in successfully moving forward with nine lawsuits targeting uber banks for securities fraud. The quoted text is from an AmLaw article by Ross Todd on the substance of the ruling denying motions to dismiss:
"The MassMutual suits target a huge swath of Wall Street, including units of Credit Suisse, HSBC, JPMorgan Chase, Royal Bank of Scotland, Deutsche Bank AG, UBS, WaMu Inc., and Goldman Sachs, seeking damages over billions in alleged losses from mortgage-backed securities gone bad. (See our prior coverage of the MassMutual suits here, here, and here.) All of the MassMutual complaints assert claims under the Massachusetts Uniform Securities Act, which allows plaintiffs to seek to rescind their purchases of securities or recover damages without a showing of fraud. Quinn Emanuel’s Philippe Selendy told us that MassMutual is "obviously very pleased" with Judge Ponsor’s decision. "MassMutual looks forward to trials in all nine cases in which Wall Street is held accountable for misrepresentations to investors in the Commonwealth of Massachusetts," he said.