German Bank Takes RBS To Court Over $71M In RMBS

Law360, New York (February 22, 2012, 4:05 PM EST) -- German bank Landesbank Baden-Wurttemberg sued Royal Bank of Scotland Group PLC and affiliated entities in New York state court Tuesday over alleged misrepresentations connected to the securitization and sale of $71 million in residential mortgage-backed securities.

LBBW and Georges Quay Funding I Ltd. — a special-purpose investment vehicle incorporated in Ireland — contend that offering materials issued by the RBS defendants were riddled with distortions and omissions related to the underwriting standards for the mortgage loans and other issues, according to the summons with notice lodged...
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