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JPMorgan, Ally Sued by HSH Nordbank Over Mortgage Securities
2011-12-30 10:22:54

Offering documents for the securities contained “material misrepresentations and omissions” about the loans backing the securities, HSH Nordbank said in summonses filed today in New York State Supreme Court.

Wrongdoing by JPMorgan, Ally and other defendants named in three separate cases “led directly” to losses on the securities, HSH Nordbank said. Barclays Capital Inc. (BARC) and Credit Suisse Securities (USA) were also among those sued for their roles in different offerings, according to court papers.

HSH Nordbank also claims that offering materials contained misrepresentations about the legal validity of assignments of loans to mortgage-securitization trusts and the rights of the trusts to receive interest and principal payments on the loans, which are used to pay investors.

In one case, HSH Nordbank, based in Hamburg, Germany, is suing over $130 million in mortgage securities. Another covers about $117 million in bonds, and a third concerns $46 million, according to court papers.

Gina Proia, a spokeswoman for Detroit-based Ally, declined to immediately comment on the lawsuit. Steven Vames, a Credit Suisse (CS) spokesman, declined to comment. Representatives for Barclays and JPMorgan didn’t respond to e-mails seeking comment.

The case is HSH Nordbank AG v. Ally Financial, 653651-2011, New York State Supreme Court (Manhattan)

To contact the reporter on this story: David McLaughlin in New York at dmclaughlin9@bloomberg.net.

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net.

http://www.bloomberg.com/news/2011-12-29/jpmorgan-ally-sued-by-hsh-nordbank-over-losses-on-mortgage-securities.html





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