The Federal Home Loan Bank (FHLB) of San Francisco filed complaints last week in the Superior Court of California against nine securities dealers it claims made misleading statements about mortgage loans underlying securities. The complaints involve investments the San Francisco FHLB said it made in private-label residential mortgage-backed securities (RMBS), rated triple-A at the time of purchase, "based on the information provided by the securities dealers." The FHLB is seeking to rescind or annul its purchases of 134 securities in 113 securitization trusts, for which the bank originally paid $19.1bn. According to public information on the court Web site, Deutsche Bank Securities and Credit Suisse Securities are among the firms named in the complaints. The FHLB's complaints allege the securities dealers made misleading or untrue statements regarding the characteristics of the underlying mortgage loans. "In filing these complaints, the Bank seeks to continue supporting its mission and to protect the interests of its member shareholders, which include over 400 community banks, credit unions, and savings institutions headquartered in Arizona, California, and Nevada that serve millions of consumers," the FHLB said in a statement. A case management conference is scheduled for Aug. 13, 2010, according to the court's Web site. Write to Diana Golobay.