Royal Park Sues JPMorgan, Others Over $3B In RMBS

Law360, New York (July 30, 2012, 2:40 PM EDT) -- Belgium-based Royal Park Investments SA/NV sued a slew of banks in New York state court Friday, alleging the banks, including JPMorgan Chase & Co. and Goldman Sachs & Co., misrepresented residential mortgage-backed securities they sold to Royal Park, costing the investment vehicle a total of $3.2 billion.

The offering materials issued by the banks, who underwrote and sold the securities, misrepresented the underwriting standards used to issue the mortgage loans pooled together into the securities and important information on the loans, including the loans' loan-to-value ratios...
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