In May and July 2003, Gibbs & Bruns LLP filed claims in Arizona on behalf of institutional bondholders owning notes issued by now-bankrupt National Century Financial Enterprises (NCFE) and its subsidiaries. NCFE’s collapse from investment grade note issuer into bankruptcy is among the largest securitization failures in history. The firm’s clients include the State of Arizona, numerous local government entities in Arizona, and institutional investors and money managers from around the world. The claims seek damages of over $1.6 billion against NCFE’s investment banks, trustees, accountants, and principals, among others, for the principal losses and other damages suffered by the NCFE noteholders.
The two companion cases are presently styled:
City of Chandler, et al. v. Bank One, N.A., et al., in the United States District Court for the District of Arizona
State of Arizona, et al. v. Credit Suisse First Boston Corporation, et al., in Superior Court of Arizona, Maricopa County