Soreide Law Group is currently investigating the following funds on behalf of clients: MM Community Funding II and III, South Coast Funding Ltd. II, and Fort Point CDO I, Ltd. Some of these funds were sold by Citigroup and/or Morgan Stanley.
MM Community III is a collateralized debt obligation(CDO), which closed April 10, 2002. MM Community III is a static pool composed of bank and thrift trust preferred securities. According to a report done on the fund, "it was determined that the current ratings assigned to the senior and subordinate notes still reflect the current risk to noteholders."
South Coast II is a collateralized debt obligation (CDO) that closed on June 6, 2002 and is managed by TCW Investment Management Company. The reinvestment period ended in June 2006. South Coast II has a portfolio primarily of subprime residential mortgage-backed securities (RMBS) bonds, Alternative-A (Alt-A)RMBS, prime RMBS, and other structured finance assets.
Fort Point I entered an Event of Default on Oct. 6, 2009 after the class A overcollateralization ratio fell below 100%. A notice of liquidation was subsequently issued on Sept. 25, 2013.
If you feel your broker/financial advisor recommended these or other risky investments for your otherwise conservative portfolio, call Soreide Law Group, at 888-760-6552 for a free consultation with an attorney. Soreide Law Group has represented clients nationwide before FINRA.
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