HSBC, Barclays and RBS are among 15 Wall Street banks accused by a US investment firm of mis-selling a total of $2.4bn (£1.6bn) in mortgage-backed securities, reports the Telegraph.
Cambridge Place Investment Partners, a fund based in Boston, Massachusetts, is suing US branches of the three British banks in a suit filed on Friday. It is also targeting JP Morgan, Citigroup, Credit Suisse, Deutsche Bank, Merrill Lynch, UBS, Goldman Sachs, Morgan Stanley in what could turn out to be a test case for funds seeking restitution for their losses during the financial crisis. The lawsuit filed in Boston states that Barclays, HSBC and RBS all sold mortgage-backed securities based on "untrue statements". Read more CASH Isas are paying dismal rates of interest thanks ...
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