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.

View Full Article in:

Bloomberg

Published in Brief: