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.
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, reports the Telegraph.
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
BRITAIN'S biggest banks will warn the Chancellor that up to £1tn is poised to be drained from the financial system, hampering economic recovery and depriving households and businesses of loans and other forms of credit, reports the Guardian.
The bank bosses wrote to George Osborne shortly after he took office are to meet him to express their concerns about the impact of regulatory changes which require banks to hold bigger capital cushions.
These changes are coming at the same time that the Bank of England withdraws liquidity schemes designed to help banks during the financial crisis. Read more
THE true scale of the national debt is £2trn - more than twice the official figure, an alarming study shows.
The black hole in the public accounts equates to £78,000 for every household in the country, says the Daily Mail.
The ‘real' state of the national finances is exposed in a study published today by the Centre for Economics and Business Research, which warns of a series of mammoth debts that aren't revealed by the official figures. Read more:
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AUM up due to strong markets
Will join IA sectors Q1 2020
Launched in April
To develop products and services