Iron Workers Local No. 25 Pension Fund has sued Credit-Based Asset Servicing and Securitization LLC and several of its underwriters, claiming they made false statements in selling $476.4 million of mortgage-backed securities.

The lawsuit, filed in U.S. District Court in Manhattan late Friday, alleges a registration statement filed by C-Bass for a 2007 MBS offering was materially false and misleading. The lawsuit is seeking class-action status.

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