NY Attorney General Targets JPMorgan Over RMBS Losses

Law360, New York (October 1, 2012, 9:36 PM EDT) -- New York Attorney General Eric T. Schneiderman hit JPMorgan Chase Bank NA with a lawsuit Monday accusing the bank and two of its units of duping investors into buying residential mortgage-backed securities that he says were destined for failure.

Schneiderman seeks to hold J.P. Morgan Securities LLC, formerly Bear Stearns & Co. Inc.; the bank; and its lending unit EMC Mortgage LLC responsible for billions in losses investors suffered when the RMBS they purchased from 2005 through 2007 turned out to be secured by loans that...
To view the full article, register now.