Mortgage Securitization Discrimination Litigation

Beverly Adkins et al. v Morgan Stanley

Co-Counsel: National Consumer Law Center (NCLC), American Civil Liberties Union (ACLU), &

Lieff Cabraser Heimann & Bernstein

This landmark lawsuit was filed in the federal court in the Southern District of New York on behalf of Michigan Legal Services and African American homeowners in the Detroit, Michigan area. The suit claims that the Defendent violated federal and state housing and anti-discrimination laws by adopting mortgage securitization policies that caused predatory lending and adversely impacted African Americans. It is the first case where a prospective class of affected homeowners victimized by subprime lending abuses has directly sued an investment bank by linking civil rights and consumer laws. It is also the first lawsuit to connect racial discrimination to the securitization of mortgage-backed securities.

NCLC Issue Brief (Nov. 2014)
rubbieRubbie McCoy, Detroit homeowner and plaintiff
(Photo courtesy of ACLU)
Download the Complaint (PDF)

Download the Judge's Opinion & Order re: Motion to Dismiss, July 25, 2013 (PDF)

Download FAQs
(PDF)

Download the Press Release
(PDF)

Download statement of NCLC's Director of Litigation Stuart Rossman
(PDF)

Related Webinar: Holding Wall Street Accountable for the Subprime Mortgage Crisis in Urban Communities. Attorneys from NCLC and ACLU as well as a senior staff person from the National Fair Housing Alliance discuss this lawsuit and racially discriminatory lending practices.

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Attorneys: Credit Discrimination || Consumer Class Actions

Consumers: Surviving Debt