HSH Nordbank Targets Barclays Over $123M In RMBS

Law360, New York (February 24, 2012, 3:20 PM EST) -- German bank HSH Nordbank AG sued Barclays Bank PLC in New York state court Thursday, claiming the English bank had made misrepresentations in its sale of $122.7 million in residential mortgage-backed securities to Nordbank.

Hamburg-based Nordbank said in a summons filed Thursday that Barclays had made omissions and false statements in offering materials about the credit worthiness of the mortgage loans underlying the securities, including the loan-to-value ratios and the percentage of properties occupied by the owners.

Barclays obtained residential mortgage loans, created securities from them...
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