Bank Hapoalim Targets JPMorgan Over $361M In Risky MBS

Law360, New York (August 13, 2012, 8:22 PM EDT) -- Bank Hapoalim BM, one of Israel's largest lenders, launched a $361 million case against JPMorgan Chase & Co. on Friday in New York state court, accusing the financial giant of vastly understating the risk of mortgage-backed securities that took a nosedive in value after being sold.

Offering documents presented in conjunction with the securities contained an array of deceptive statements and misleading omissions, according to a four-page summons Bank Hapoalim filed as a possible precursor to a formal complaint. The alleged misconduct pertains to underwriting standards...
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