Facing Subprime Crisis, Cleveland Sues Wall St.

Law360, New York (January 11, 2008, 12:00 AM EST) -- For the second time in three days, a city has filed a lawsuit against banks alleging the subprime mortgage crisis is wreaking havoc, albeit in different ways, on a large municipality in the United States.

The lawsuit filed by the City of Cleveland Friday in the Court of Common Pleas for Cuyahoga County in Ohio names 21 Wall Street companies, including Deutsche Bank Trust, Bank of America, Citigroup, Inc., Morgan Stanley and Merrill Lynch & Co. Inc, alleging the companies violated Ohio's public nuisance law....
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