On February 21, 2012, Sealink Funding, Ltd. filed a summons with notice in New York state court against 48 institutional defendants.  Sealink brings claims on behalf of a number of special purpose vehicles that allegedly purchased approximately $949 million face value of RMBS in 21 separate offerings.  Sealink alleges that the defendants made material misrepresentations and omissions in their RMBS Offering Materials regarding the underwriting standards used in connection with the origination of the underlying mortgage loans, the validity of the assignments of the loans to the Trusts, the characteristics of the underlying loans (such as LTV ratios and owner-occupancy rates), and the credit ratings assigned to the securities.  Sealink asserts claims for common-law fraud, fraudulent inducement, negligent misrepresentation, aiding and abetting fraud, and various contract claims. Sealink is seeking approximately $949 million in damages plus accrued interest and punitive damages.  Summons.