Reuters) - JPMorgan Chase & Co and Bank of America Corp were hit with new lawsuits by investors claiming losses on $4.5 billion of soured mortgage debt, adding to litigation targeting the two largest U.S. banks.
The plaintiff Sealink Funding Ltd said it lost money after buying nearly $2.4 billion of residential mortgage-backed securities (RMBS) from JPMorgan and $1.6 billion from Bank of America from 2005 to 2007, relying on offering materials that were misleading about the quality of the underlying loans.
more:
http://finance.yahoo.com/news/JPMorgan-BofA-sued-over-rb-4268611515.html?x=0&sec=topStories&pos=5&asset=&ccode=BOA must be close tapping out its lawyer budget by now.
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