Federal Regulators Just Sued JPMorgan And RBS For Lying To Investors

Miami Foreclosure Attorney, Aaron Resnick, on recent lawsuit.

Federal Regulators just sued JPMorgan and RBS for lying to credit unions in offering documents for mortgage-backed securities. The offering documents that RBS and JPMorgan gave to investors, specifically credit unions, contained “untrue statements of material fact,” or “omitted to state material facts” in violation of state and federal securities laws, says a new lawsuit filed against the firms by the National Credit Union Administration.
The NCUA seeks $565 million from RBS and $278 from JPMorgan.

Read more: http://www.businessinsider.com/federal-regulators-just-sued-jpmorgan-and-rbs-for-lying-to-investors-2011-6#ixzz1PrnH8JMt