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 w...
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