Thursday, September 18, 2014

Virginia Sues 13 Banks for $1 Billion over Alleged Mortgage Bond Fraud

From Reuters News:

Virginia sues 13 banks for $1 billion over alleged mortgage bond fraud

The state of Virginia said on Tuesday that it sued units of Citigroup Inc, Deutsche Bank AG and 11 other banks, accusing them of defrauding the state's retirement fund by selling it shoddy mortgage bonds in the run-up to the recent financial crisis. . . .

The other banks named in the lawsuit include units of Bank of America Corp, Credit Suisse AG, Goldman Sachs Group Inc, HSBC Holdings plc, Morgan Stanley, and JPMorgan Chase & Co. Representatives of the banks either declined comment or did not immediately respond to a request for comment. 

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