Since the news broke of the disappearance of the CDO auction market in the summer of 2007, dozens of lawsuits against public companies and their upper management have been filed. Indeed, less than six months into the subprime debacle, commentators were noting that the crisis was on track to surpass the total number of class actions filed in the S&L Crisis nearly twenty years ago. Yet the more ready comparison may be to the [collateralized mortgage obligation (CMO)] crisis of 1994, which inspired scattershot complaints n4 and a whole new meaning to the term indemnity agreement. The targets of the present litigation wave have to date included home builders, mortgagors, banks, broker-dealers, funds, loan originators, insurers, government-sponsored enterprises and credit ratings agencies. In the long run, more than just the financial giants will have suffered.