Several large insurance company investors have joined Teachers Insurance & Annuity Association in filing civil complaints against Enterprise Mortgage Acceptance Co. and affiliates, including EMAC's majority equity investor, Koch Industries, and several former EMAC principals (see ASR 4/01/02).

TIAA's initial complaint alleged that there were "material misrepresentations and omissions" associated with the EMAC securitizations, though subsequent plaintiffs have used harsher language, alleging the defendants were committing "securities fraud."

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