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JPMorgan, Citigroup Face $64M Investor Suit Over RMBS Sales

Law360, New York (April 10, 2014, 2:24 PM EDT) -- A pension fund representing hundreds of thousands of Texas government workers has hit J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and other investment banks with a $64 million suit in Texas court over the banks’ “callous and brazen” sale of residential mortgage-backed securities.

The suit, filed April 3 by the Texas County and District Retirement System, alleges JPMorgan — as successor-in-interest to defunct Bear, Stearns & Co., Inc — Citigroup and others underwrote and misrepresented the nature and risk profiles of the RMBS, which they...
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