German RMBS Investor Sues Chase, B Of A

Sealink Funding Ltd., a fund established by German bank Landesbank Sachsen, is suing Bank of America and JPMorgan Chase, claiming the banks misrepresented residential mortgage-backed securities (RMBS) investments.

The suits were filed in the New York State Supreme Court, according to compiled reports. Sealink's suit against Bank of America targets more than $1.6 billion of RMBS sold by Countrywide Financial between 2005 and 2007. The suit against Chase is in connection to more than $2.4 billion of RMBS, which were also purchased over the two-year period.

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