JPMorgan, Goldman, Others Targeted In $1.8B MBS Suit

Law360, New York (May 23, 2012, 8:35 PM EDT) -- Six investment banks, including JPMorgan Securities LLC and Goldman Sachs & Co., were hit with a $1.8 billion suit in New York state court Tuesday for alleged misrepresentations in the sale of mortgage-backed securities, the latest development in an avalanche of litigation over the assets.

The plaintiffs, Blue Heron Funding Ltd., Phoenix Light SF Limited, Silver Elms CDO PLC and Kleros Preferred Funding V PLC, are seeking to recoup the losses they purportedly suffered after purchasing residential mortgage-backed securities from the banks in 2005, 2006 and...
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