Judge rejects big banks' bid to drop FDIC lawsuit

09/30/2013 | Bloomberg

A U.S. district judge has ruled that the Federal Deposit Insurance Corp.'s lawsuit against JPMorgan Chase, Citigroup, Wells Fargo, UBS and Deutsche Bank over nearly $400 million in residential mortgage-backed securities may proceed. The case accuses the banks of misrepresenting the quality of the loans underlying the securities when selling them to Colonial Bank, which failed two years later.

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