JANE BURGERMEISTER REPORT: ‘JP Morgan and RBS face $800 million lawsuits over subprime fraud; regulators probe ratings agencies’
*SEC investigates role of ratings agencies Moody’s and Standard & Poor’s ahead of the financial crisis
* US regulator sues JPMorgan, RBS in subprime probe
NEW YORK — A US regulator on Monday sued Wall Street bank JPMorgan Chase and Britain’s Royal Bank of Scotland, seeking to recover more than $800 million in losses incurred during the subprime mortgage crisis.
In its lawsuit, the NCUA charged the securities firms of the two banks had violated federal and state laws and made misrepresentations in the sale of hundreds of securities.
The regulator vowed to sue other banks that had sold credit unions mortgage-backed securities which plummeted in value during the financial crisis, without specifying which banks would be targeted.
“We expect to file additional actions and seek a total amount of damages in the billions of dollars,” Metz said.
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