US Bank Sued Over Robosigning, Mismanaged RMBS Trusts

Law360, New York (May 24, 2013, 7:05 PM EDT) -- Banks and asset managers in Missouri, Arkansas and South Carolina have sued U.S. Bank NA for allegedly mismanaging 28 residential mortgage-backed securities trusts by ignoring robosigning practices that ultimately derailed their investments, according to a complaint removed to Missouri federal court on Friday.

Plaintiffs Commerce Bank, Cedar Hill Capital Partners LLC, Citizens Bank & Trust Co., Pinnacle Bank of South Carolina and Wells River Savings Bank claim they collectively invested in 28 residential mortgage-backed securities, for which U.S. Bank was the trustee, and suffered massive losses...
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