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    JPMorgan, Citi, BofA sued for $949 million by Sealink

    NEW YORK (Reuters) - JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp. and more than a half dozen other major banks are being hit with a new lawsuit over $949 million in residential mortgage-backed securities.

    A summons was filed Tuesday by Sealink Funding Ltd, an Irish entity that oversees risky RMBS, in New York state Supreme Court.

    Sealink has filed numerous other lawsuits against major banks over billions in residential mortgage-backed securities it bought.

    New York attorney Joel H. Bernstein, who represents Sealink, said the new case is over "securities they have not sued for in the past."

    Sealink claims the purchases were based on faulty offering materials, including misrepresentations of underwriting standards. It seeks damages or to have the purchases rescinded.

    The case is Sealink Funding Limited v. The Royal Bank of Scotland Group Plc, 650484/2012, New York state Supreme Court.

    (Reporting By Karen Freifeld; editing by Mark Porter)

    See all articles from Reuters
     

    42 comments

    • ROBERT  •  Houston, Texas  •  2 months ago
      Hope they sue these banks into foreclosure. BofA especially, their title Bank of America is a disgrace to the people whom call themselves Americans.
      • Craig 2 months ago
        100% right Robert, and I have even said that very thing to my congressmen, saying they should be forced to remove "America" from their name!
      • harry 2 months ago
        They should rename this to the Bank of Bankers!
      • ROBERT 2 months ago
        Harry I believe that BofA should be a bank without a name, meaning put into non-existance all associated should be banned from the financial market.
    • Lonnie  •  Irvine, California  •  2 months ago
      Wallstreet congress will figure way to protect banks
    • Bill Derberg  •  2 months ago
      "Mortgage-backed securities" ie derivatives fraud. The mega banks are criminals and should not be sued, they should be destroyed.
    • Yahoo censors me  •  2 months ago
      PutinThe Russian Federation and its Prime Minister Vladimir Putin has issued an arrest warrant for noted financial terrorist George Soros.

      Russian Intelligence has fingered Soros for using cross-collateralized compounded Swedish and Danish foreign currency derivatives for the purpose of an attack on the Russian stock market.

      Note: Soros use of these cross-collateralized compounded derivatives utilizing Luxembourg banks violates the terms of the Basil II European Union banking agreement.
      issued an international arrest warrant against George Soros, who has been caught red-handed as he prepared to send financial aid to what is called opposition in Russia, which recently made the streets in dozens of thousands of people telling lies and misinformation about cheating during the elections.

      Both the IMF (International Monetary Fund) and European INTERPOL are preparing a "Red Notice" against not only Soros but Bush-Clinton Crime Family Syndicate financial stooge Marc Rich and his Swiss-based Richfield Commodities Brokerage firm.

      Putin has also recently confronted Federal Reserve Chairman Bernard Bernanke and told him that the Russian Federation will no longer tolerate the use of individuals like George Soros and Marc Rich in massive foreign currency derivative fraud that is destabilizing the world economy.

      In other words, folks, there will be NO backdoor QE3 using derivatives tied to George Soros and Marc Rich.

      P.S. We can also divulge that the government of Greece has joined John Hancock insurance company in a class action lawsuit against the criminal U.S. banking giants Goldman Sachs and J.P. Morgan.

      The class action lawsuit accuses both Goldman Sachs and J.P. Morgan of fraudulent sales practices in the marketing of bogus mortgage-backed securities from the year 2003 to 2007.

      Goldman Sachs and J.P. Morgan sold these bogus financial instruments to the government of Greece while at the same time they were actually shorting these financial instruments in offshore hedge funds on the Isle of Man and the Cayman Islands.

      P.P.S. At this hour the government of Greece is ready to leave the European Union and try to save their nation similar to that which took place in Iceland.

      P.P.P.S. This is a direct warning to the privately owned, criminal Federal Reserve:
      • Yahoo censors me 2 months ago
        google Putin issues arrest warrant for george soros, for more
      • Big Johnson 2 months ago
        I would love to see those two Jews (Rich and Soros) in a gulag...
      • SilverAcorn 2 months ago
        And the Russian leaders are being sooo democratic these days. They make Al Capone look like a penny-ante thief!
    • moldy  •  Marksville, Louisiana  •  2 months ago
      This is twice today that CITI has made the news. This company has already made the worst companies to work fop list, whwn are people going to realize that they are bad people doing bad business
      • TM 2 months ago
        I won't use any of those credit cards again.
    • Jack  •  Peoria, Arizona  •  2 months ago
      These banks OWN most of the system so don't hold your breath on anything close to human.
    • martin d  •  San Jose, California  •  2 months ago
      Rather than prolonging the inevitable, liquidate a couple of the offending Fraud Street banks so that the investors will regain confidence in the system. Liquidate Citibank and B of A.....never happen in an election year...it is the major source of campaign funds for both parties.
    • RJ  •  Concord, California  •  2 months ago
      I hate lawyers. There are way too many of them and they're all #$%$
    • R.T. Arcand  •  Minneapolis, Minnesota  •  2 months ago
      Why were so many resources used to shut down Capone's mop, when today we allow criminal organizations like these banks to continue operating their criminal enterprises lead by criminal bankers.
    • stirring the pot  •  Wilmerding, Pennsylvania  •  2 months ago
      our company switched our 401k to jp morgan, jp came in and did a presentation and told every one to put in the max - wonder why
      • RedRevenge 2 months ago
        So they could hoard as much money as possible while still asking you for more... this sounds familiar.
    • Joe  •  2 months ago
      Awesome!
    • Centrist  •  2 months ago
      Buzzards, hyenas, vultures .... all the vermin are squabbling over spoils. Mind you, the carcass is really made up of the millions of people who had failed and underwater mortgages. Their money went into the corporations that now feed these vultures.
    • UPennProf  •  2 months ago
      DEMOLISH the Central Bank. They caused all this!!!
    • Little One  •  2 months ago
      J P Morgan is the worst. Treats their employees terrible. Offers things which they know they aren'tn going to honor like long term disability. You work there for years and if you become ill don't expect to be able to collect any of your benefits. Well what goes around comes around. Managers must go to the school of cold hearts.
      • Scotto2316 2 months ago
        BofA is no different. Wasted 3 years working for that waste of space
    • Bri J  •  Citrus Heights, California  •  2 months ago
      Citi Bank and Travelers Ins were the banking concerns that got Phil Gramm to get Glass Steagall Act repealed so they could merge , now the old Citi CEO that got this going says it was the wrong thing to do!! Ya Think....it only caused this Meltdown we got into end of 2007!! Thanks a lot Citi and Phil Gramm!
    • another victim  •  2 months ago
      b of a BLOWS. Nuke these pigs till they glow and force them to the gallows NOW. Burn down all locations, we need the parking. Execute all management via firing squad on pay per view internet with proceeds to the victims. After that head to the big party at your local CREDIT UNION. Hot dog, anyone?
    • Angelus  •  Jersey City, New Jersey  •  2 months ago
      Beats me why anyone is still banking with those global crooks, I guess it takes serious offense to wake some people up. I for one didn't take that chance and bailed out from all three asap.
    • JAMES A.  •  Boston, Massachusetts  •  2 months ago
      there has to be some validity in all these lawsuits against these thieving banks.never had these problems when glass steagall was the law and not a rule.
    • Reason  •  2 months ago
      Why don't they sue for a nice "round" number like 1 billion?
    • Lonnie  •  Irvine, California  •  2 months ago
      WE SHOULD BE SUEING FOR PROPERTY LOSS OF VALUE
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