Subprime

Burns & Levinson's Subprime Team counsels and supports clients affected by the fallout of the collapse in the subprime lending markets. The repercussions, from market losses to liquidity contractions, have left clients in this country and around the world facing finance, securities, bankruptcy and planning issues. The Subprime Team is made up of leaders from our firm's Securities Litigation, Securities Regulation, Finance, Public Finance, Bankruptcy and ERISA practices.

Pension plan trustees, beneficiaries, corporations, regulated entities, institutional and individual investors, municipalities and others may suffer direct and/or indirect effects of the subprime market. The Team was created to assist businesses, regulated entities, fiduciaries and investors in dealing with these effects.

RELEVANT EXPERIENCE

Our attorneys have experience and expertise in the following areas and cases:

Counseling

Counseling pension plan trustees, beneficiaries, corporations, institutional and individual investors, non-profits, and governmental bodies regarding their rights and obligations in matters involving:

• Evaluation of fiduciary responsibilities including ERISA responsibilities

• Losses due to securities fraud or imprudent investments

• Relationships with investment advisors and securities issuers

• Relationships with mutual fund sponsors

• Insurance on debt instruments

Litigation

• Arbitrating legal responsibility for investor losses in purchases of collateralized mortgage obligations (CMO)

• Recovery of pension plan losses for defrauded investors

• Complex mutual fund litigation under Investment Company Act of 1940 involving large mutual fund sponsor

• Defense of investment advisor and broker-dealer in mutual fund market-timing multi-district class action lawsuit

• Representing trade unions in loss recovery actions against pension plan trustees and advisors

• Defense of national mortgage company in class action challenging sales practice in payments of referral fees to mortgage brokers

• Representing employees against investment banks regarding terms of exercise of employee stock options

• Representing investors against investment banks regarding marketing and sales tactics in initial public offerings

Regulatory

• Advising broker-dealers regarding regulatory requirements for sales practices relating to structured products

• Advising mortgage companies regarding subprime lending practices

• Advising broker-dealers in federal regulatory investigations regarding mutual fund market-timing

For more information regarding our Subprime practice, please contact:

Robert D. Friedman, Partner | 617.345.3248 | rfriedman@burnslev.com

Harry S. Miller, Partner | 617.345.3236 | hmiller@burnslev.com

Associated Articles

"Subprime Losses in 401(k) Plans" by Evelyn A. Haralampu

"The Subprime Crisis: How Does It Impact You?" by Robert D. Friedman and Joshua N. Cook