JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp.'s Countrywide unit and more than six other major banks are being sued over $949 million in residential mortgage-backed securities, Reuters
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Sealink Funding Ltd., an Irish entity that manages assets once held by Germany's Landesbank Sachsen, filed a summons in New York state Supreme Court on Tuesday, Reuters said.
The entity has filed multiple lawsuits against banks over such securities.
New York attorney Joel H. Bernstein, who represents Sealink, said the new case is over "securities they have not sued for in the past," according to Reuters. Sealink said the purchases were based on faulty offering materials, Reuters reported.
