“Finally! A major Wall Street bank has been sued for fraud for its reckless lending that helped cause the 2008 financial collapse,” said Dennis Kelleher, President of Better Markets, a nonprofit organization that promotes the public interest in the financial markets.
“Wall Street is a high crime area, but no one has been held accountable. The creation, sale and distribution of worthless toxic mortgages was at the core of the financial crisis. That caused the worst economy since the Great Depression of the 1930s and should have been aggressively prosecuted,” he added. “Hopefully this lawsuit is the first of many and the lawbreakers on Wall Street will be punished like everyone else in American when they break the law.”