A Long Island banking company and a realty trust firm are suing Donaldson, Lufkin & Jenrette Securities Corp. for $175 million for allegedly deceiving them into investing millions in faulty mortgage-backed securities.

North Fork Bancorp and BRT Realty Trust are accusing Donaldson Lufkin of racketeering, mail and wire fraud, and securities law violations in connection with two issues of mortgage-backed securities in 1991 and 1993.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.