- A suit in February brought by DZ Bank AG -- Germany's fourth largest bank -- against JPMorgan Chase (JPM), saying that it purchased $85 million in MBS from JPMorgan based on flawed offering materials, and another suit by DZ Bank against HSBC (HBC), claiming misrepresentations and omissions in offering materials, on $122 million in MBS purchases.
- A suit by brought in April by HSH Nordbank AG against two subsidiaries of Barclays PLC (BCS), claiming Barclays misrepresented the quality of loans underlying $46 million in mortgage-backed securities.
- An April lawsuit by Bayerische Landesbank -- one of eight German Landesbanks that are primarily owned by German state governments -- against Deutsche Bank AG (DB), accusing Deutsche Bank of committing fraud while selling $810 million in residential MBS.
- A lawsuit filed in May by Bayerische Landesbank against Merrill Lynch -- acquired by Bank of America (BAC - Get Report) in January 2009 -- accusing Merrill of making misrepresentations in offering materials for $324 million in residential MBS.
- Separate suits filed against Barclays in June by Sealink Funding and Landesbank Baden-Wuerttemberg Sealink claiming that Barclays made misrepresentations related to the sale of $604 million in MBS, while Landesbank Baden-Wuerttemberg claimed misrepresentations on $205 million in mortgage paper.
Germany Wants its U.S. Mortgage Money Back: Street Whispers
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.