Sealink Hits BofA, Citi, Others With $949M RMBS Claims

Law360, New York (February 22, 2012, 5:56 PM EST) -- Irish financial firm Sealink Funding Ltd. on Tuesday hit a group of big banks including the Royal Bank of Scotland Group PLC and Citigroup Inc. with a summons claiming they misrepresented the credit ratings of $949 million worth of investments in residential mortgage-backed securities.

The New York state court summons — which also names financial giants including Bank of America Corp. and its Countrywide unit, Credit Suisse (USA) Inc., Deutsche Bank AG and Nomura Holdings Inc. — says Sealink seeks damages in that amount plus interest...
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