United States ex rel. Derek Casady, Nancy Casady v. American International Group Inc., The Goldman Sachs Group Inc., Merrill Lynch International, Deutsche Bank AG, Deutsche Bank Cayman Islands Branch, Goldman Sachs Capital Markets L.P., Goldman Sachs International, Societe Generale, Bank of America
Published: Apr. 19, 2014 | Result Date: Mar. 31, 2014 | Filing Date: Jan. 1, 1900 |Case number: 3:10-cv-00431-GPC-MDD Bench Decision – Dismissal
Court
USDC Southern District of California
Attorneys
Plaintiff
Maria C. Severson
(Aguirre & Severson LLP)
Defendant
Chad R. Fuller
(Troutman Sanders LLP)
Keara M. Gordon
(DLA Piper LLP)
Luis E. Lorenzana
(Littler Mendelson PC)
David L. Zifkin
(Boies Schiller & Flexner LLP)
Facts
Derek and Nancy Casady filed suit against American International Group Inc. on behalf of the United States, asserting claims of violations of the False Claims Act.
Contentions
PLAINTIFF'S CONTENTIONS:
The Casadys claimed that defendants fraudulently operated an over-the-counter collateralized debt obligation market, and recovered its losses by filing false claims with the government. They argued that AIG made false claims to cause the government to issue them loans, including an emergency $85 billion loan in September 2008, an emergency $22.5 billion loan, and an emergency $30 billion loan.
Result
The court granted defendants' motion to dismiss.
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