RBS Units Misrepresented Safety Of $90M In MBS: Suit

Law360, New York (February 3, 2012, 10:14 PM EST) -- Irish financial firm Sealink Funding Ltd. sued several units of The Royal Bank of Scotland Group PLC in New York state court Thursday over $90 million in residential mortgage-backed securities it says RBS fraudulently misrepresented.

RBS misrepresented underwriting standards used in loans pooled together to form the securities and the legal validity of that pooling process, according to the complaint. RBS also allegedly misrepresented other facts about the loans, like the percentage of owner-occupied properties.

“The securities are either currently held by the plaintiff or were...
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