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 ($6.52 -0.22%), Deutsche Bank ($36.68 0.18%), Citigroup ($26.47 -0.19%), JPMorgan Chase ($33.50 -0.47%), Wells Fargo ($31.86 0.05%) 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 ($7.15 0.01%) 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.
Printer-friendly version
Send to friend
