JPMorgan, Others Sued Over $500M In MBS Sales

Law360, New York (February 2, 2012, 7:56 PM EST) -- The mutual fund group Asset Management Fund sued JPMorgan Chase & Co., along with units of Credit Suisse Group AG, Bank of America Corp. and others, in New York state court Wednesday, alleging the companies misrepresented key facts about more than $500 million in mortgage-backed securities sold to the fund.

The financial companies misrepresented the loans pooled together to form securities sold to the fund and also misrepresented the legal validity of the pooling process, according to the complaint. Offering materials describing the securities misrepresented the...
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