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 ($6.74 -0.01%), Deutsche Bank ($36.50 -0.58%), Citigroup ($26.66 -0.49%), JPMorgan Chase ($33.97 -0.29%), Wells Fargo ($31.81 0.07%) 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 ($7.14 -0.03%) 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
