WETTICK PARTIALLY SUSTAINS PRELIMINARY OBJECTIONS BY J P MORGAN COMPANIES AND RATING AGENCIES IN MORTGAGE-BACKED SECURITIES LITIGATION. FOUR MULTI-BILLION DOLLAR CASES PROCEED TO DISCOVERY PHASE.

The securities suit brought by the Federal Home Loan Bank of Pittsburgh against a group of J P Morgan companies and the rating agencies they used, filed last year in the Allegheny County Court of Common Pleas, is being closely watched as a bellweather for similar cases filed by others in the FHLB system. One commentator saw the ruling in Pittsburgh as a positive sign for FHLB plaintiffs in San Francisco, Seattle, Chicago and Indianapolis, whose cases have not yet advanced to this point, since the Pittsburgh FHLB’s case survived preliminary objections on general allegations of fraud.

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CLIFF TUTTLE has been a Pennsylvania lawyer for over 45 years and (inter alia) is a real estate litigator and legal writer. The posts in this blog are intended to provide general information about legal topics of interest to lawyers and consumers with a Pittsburgh and Western Pennsylvania focus. However, this information does not constitute legal advice and there is no lawyer-client relationship created when you read this blog. You are encouraged to leave comments but be aware that posted comments can be read by others. If you wish to contact me in privacy, please use the Contact Form located immediately below this message. I will reply promptly and in strict confidence.

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