Sealink Sues Citigroup Over $513M In Soured RMBS

Law360, New York (November 7, 2012, 7:47 PM EST) -- Irish financial firm Sealink Funding Ltd. continued its effort to recoup losses from residential mortgage-backed securities Wednesday, suing Citigroup Inc. in New York state court for allegedly misrepresenting investments that ultimately failed, costing Sealink $513 million.

The lawsuit is the latest in a string Sealink has lobbed at banks and investment firms, including UBS AG, Credit Suisse, Bear Stearns Cos. Inc., Goldman Sachs & Co., Morgan Stanley and Barclays Bank PLC. In its latest suit, the Irish firm accuses Citigroup Inc. and several subsidiaries of misrepresenting...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.