Banks must face mortgage-securities lawsuits

12/6/2010 | Wall Street Journal, The · Bloomberg Businessweek

Federal Home Loan Bank of Pittsburgh has sued JPMorgan Chase and Countrywide Financial regarding claims that they provided inaccurate or incomplete information about risks of mortgage-backed securities purchased by the bank. The company also sued credit rating agencies, saying their triple-A ratings on the bonds were inaccurate. JPMorgan Chase and the rating agencies asked a judge to dismiss certain claims. The judge dismissed some claims but is allowing certain "fraudulent misrepresentation" claims to continue.

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Wall Street Journal, The · Bloomberg Businessweek

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