JPMorgan and BoA lawsuit over mortgage debt

Nia Williams

September 30, 2011

The plaintiff, Sealink Funding, said between 2005 and 2007, it bought approximately $2.4bn of residential mortgage-backed securities form JPMorgan and £1.6bn from Bank of America in reliance on offering materials that were misleading about the quality of the underwriting and underlying loans.

Another plaintiff, Landesbank Baden-Wurttemberg, raised similar claims in a separate lawsuit against JPMorgan over $500m of RMBS that it said it bought.

The plaintiffs seek compensatory and punitive damages.

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