New York Attorney General Eric Schneiderman says more lawsuits are possible in the ongoing investigation of mortgage-backed securities and the financial industry leading up to the 2008 economic meltdown.

Schneiderman filed a complaint late Monday in state Supreme Court charging that the former Bear Stearns, now a subsidiary of JP Morgan Chase, knowingly sold risky investments while publicly claiming them as safe and secure.

Schneiderman says in an interview set for Capital Tonight this evening that there will be more lawsuits filed in the coming months from other attorneys who sit on the Obama administration-appointed panel.

“I think we will be bringing more cases,” Schneiderman said. “I think other colleagues in the working group will be bringing cases. We’re working through a huge mound of evidence, but we’ll be seeing results sooner rather than later.”

Schneiderman is actually having a pretty busy day with an afternoon of back-to-back TV interviews on local, statewide and national air. In the interview, Schneiderman added that he hopes the rule-making process currently underway for the Dodd-Frank financial regulation measure will strike the right balance.

“The rule making process is underway for Dodd-Frank and they’re trying to set up new rules for the game. Obviously the deregulation that went through during the Bush era opened the door to too much misconduct. They’re trying to write a new set of rules I hope prudently and a new set of rules that protect investors while not limiting the creativity and aggressiveness of our financial services community,” he said.

The full interview airs tonight at 8 and 11:30.

Share|