HSH Nordbank Sues Barclays Over Mortgage Backed Securities

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HSH Nordbank Sues Barclays Over Mortgage Backed Securities

HSH Nordbank Sues Barclays Over Mortgage Backed Securities

Bloomberg-

HSH Nordbank AG (BARC), a regional German lender that was bailed out during the financial crisis, sued Barclays Bank Plc in New York over the purchase of $122.7 million in residential mortgage-backed securities.

Barclays made “misrepresentations and omissions” in offering materials about characteristics of the mortgage loans underlying the securities, including the percentage of properties occupied by the owners, Hamburg-based HSH Nordbank said in a complaint filed today in New York State Supreme Court in Manhattan.

Barclays “knew, or at a minimum was negligent in not knowing, that its representations and omissions were false and/or misleading at the time they were made,” according to the complaint.

[BLOOMBERG]

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