JPMorgan, Morgan Stanley Say $5B MBS Suits Don't Stick

Law360, New York (March 12, 2013, 5:42 PM EDT) -- JPMorgan Chase & Co. and Morgan Stanley told a New York state judge Tuesday that German banks can't blame them for losses on nearly $5 billion worth of residential mortgage-backed securities because their claims belong in Germany.

The New York branch of BayernLB and Sealink Funding Ltd., an entity that acquired securities set up by affiliates of Sachsen LB, have accused JPMorgan and Morgan Stanley in three separate suits of making misrepresentations about the quality of nearly $5 billion worth of the securities that the German...
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