JPMorgan, RBS Units Sued Over $800M In Risky MBS

Law360, New York (June 20, 2011, 2:55 PM EDT) -- U.S. regulators sued JPMorgan Chase & Co. and Royal Bank of Scotland PLC units in Kansas on Monday, seeking to recover more than $800 million that the banks generated by selling risky mortgage-backed securities to now-failed credit unions.

The National Credit Union Administration filed separate complaints against J.P. Morgan Securities LLC and RBS Securities Inc., accusing both of misrepresenting their residential mortgage-backed securities as safe, when in fact they were dicey investments dependent on loans that "were all but certain to become delinquent or default shortly...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

National Credit Union Administration Board v. RBS Securities, Inc. et al


Case Number

2:11-cv-02340

Court

Kansas

Nature of Suit

Securities/Commodities

Judge

John W. Lungstrum

Date Filed

June 20, 2011


Case Title

National Credit Union Administration Board v. J.P. Morgan Securities LLC et al


Case Number

2:11-cv-02341

Court

Kansas

Nature of Suit

Securities/Commodities

Judge

John W. Lungstrum

Date Filed

June 20, 2011

Companies

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.