JPMorgan Sued By DZ Bank Over $402 Million in Mortgage-Backed Securities

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JPMorgan Sued By DZ Bank Over $402 Million in Mortgage-Backed Securities

JPMorgan Sued By DZ Bank Over $402 Million in Mortgage-Backed Securities

Bloomberg-

JPMorgan Chase & Co. (JPM) was sued by DZ Bank (DZBK), Germany’s largest cooperative lender, over allegations the bank made false and misleading statements in selling residential mortgage-backed securities.

The lawsuit, filed March 30, seeks about $402 million in damages, according to a court filing.

The complaint was the second filed this year by DZ Bank against JPMorgan in New York state Supreme Court over the investments, pools of home loans securitized into bonds that were a central part of the housing bubble that helped send the U.S. into the biggest recession since the 1930s.

[BLOOMBERG]

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