German Bank Sues HSBC Over $122M In RMBS

Law360, New York (January 31, 2012, 7:43 PM EST) -- DZ Bank AG, Germany's fourth largest bank, sued HSBC North America Holdings Inc. and others Tuesday in New York state court for alleged fraud in the formation and sale of more than $122 million in residential mortgage-backed securities.

Following an identical suit launched Monday against JPMorgan Chase & Co. and others over $85 million in RMBS purchases, DZ Bank joined the growing list of companies and individuals seeking to recover money from RMBS issuers who allegedly misrepresented and omitted critical information regarding the underwriting standards used...
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