Israeli Bank Hits UBS, Goldman With $220M In RMBS Claims

Law360, New York (January 30, 2013, 3:39 PM EST) -- Bank Hapoalim BM, Israel's largest bank, slapped UBS AG and Goldman Sachs & Co. with fraud suits seeking a combined $220 million in New York state court on Tuesday that accuse the banks of making misrepresentations over allegedly risky residential mortgage-backed securities.

Bank Hapoalim, which has previously targeted other banking giants with similar suits, claims in two separate summonses that UBS, Goldman Sachs and several of their units had knowingly made misrepresentations and omissions regarding the loans pooled into the RMBS, the underwriting standards for those...
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