Marked by a massive lawsuit against the securitization facilitators of National Century Financial Enterprises, this next wave of NCFE litigation - call it the securities fraud wave - has begun, involving, for perhaps the first time, ABS bank research.

The lawsuit, led by Arizona government entities, claims that Credit Suisse First Boston, JP Morgan Chase and Bank One, among others, knew that NCFE was including "ineligible receivables" in its securitizations. Officials from all three banks declined to comment.

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