On September 5, 2012, three separate lawsuits were filed in New York state court against Citigroup, Inc., Goldman Sachs Group, Inc. and UBS AG alleging both fraud and negligent misrepresentation in connection with the banks’ sales of certain residential mortgage-backed securities. Specifically, IKB Deutsche Industriebank, AG alleges it lost more than $137 million in the securities it purchased from Citigroup, and lost in excess of an additional $73 million from the securities it purchased from Goldman Sachs. In a separate suit, Sealink Funding Ltd. sued UBS alleging that it lost more than $158 million in bonds that Sealink either held or sold at a loss. (“Citigroup, Goldman, UBS Sued Over Mortgage-Backed Bonds,” Bloomberg, September 5, 2012).
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Lawsuit filed against Citigroup, Goldman Sachs and UBS alleging fraudulent misrepresentations related to mortgage-backed securities
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