Charles Schwab sues 11 major banks over RMBS

11/8/2010 | Wall Street Journal, The

Charles Schwab has filed a complaint against 11 financial institutions, including Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley, claiming that the banks made untrue statements about the certificates in securitization trusts backed by residential mortgages. Schwab paid $1.38 billion to the banks for certificates in dozens of such securitization trusts, according to the complaint.

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