Reuters

(Reuters)

Another Hit: Banks Get Slammed With $949M Lawsuit

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JPMorgan Chase & Co. (JPM), Citigroup Inc. (C), Bank of America Corp. (C) and more than a half dozen other major banks are being hit with a new lawsuit over $949 million in residential mortgage-backed securities.

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A summons was filed Tuesday by Sealink Funding Ltd, an Irish entity that oversees risky RMBS, in New York state Supreme Court.

Sealink has filed numerous other lawsuits against major banks over billions in residential mortgage-backed securities it bought.

New York attorney Joel H. Bernstein, who represents Sealink, said the new case is over "securities they have not sued for in the past."

Sealink claims the purchases were based on faulty offering materials, including misrepresentations of underwriting standards. It seeks damages or to have the purchases rescinded.

The case is Sealink Funding Limited v. The Royal Bank of Scotland Group Plc, 650484/2012, New York state Supreme Court.