With over $230 billion in corporate write-downs, an estimated $3-9 billion in insurance exposure, and a steadily rising tide of suits filed, the subprime mortgage meltdown is causing seismic waves across financial markets. Industry participants convened at this conference outside Washington, DC on 19-20 June 2008 to examine the host of legal and economic issues that have arisen in the wake of the crisis. The conference focused on recent litigation involving securities and ERISA class actions, liability and damages issues, and the negative impact the subprime crisis is having on markets worldwide. Dr. Andrew Carron, President of NERA, delivered the keynote address examining the dimensions of the subprime crisis, tracing the causes leading up to the crisis as well as the financial implications for the future.