Sealink Funding, an Irish firm created to manage residential mortgage-backed securities, escalated its fight against U.S. banks over losses on RMBS investments by filing a $948 lawsuit against dozens of financial institutions.
The defendants include Countrywide, Royal Bank of Scotland ($10.33 0.62%), Deutsche Bank ($48.45 1.79%), Citigroup ($51.45 0.84%), JPMorgan Chase ($52.30 1.33%), Wells Fargo ($39.88 0.62%) and HSBC ($0.00 0%) and others.
Sealink previously sued RBS over investments that soured. In that suit, the company said it acquired $90 million in RMBS from Royal Bank of Scotland that included alleged misrepresentations about the underwriting standards used on the loans pooled into securities.
The company also sued Bank of America ($13.43 0.07%) over $1.6 billion in RMBS tied to 30 offerings in 2005 through 2007. In addition, Sealink sued JPMorgan Chase over $2.4 billion in RMBS purchased during the same time period.
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