{"id":5691,"date":"2014-09-27T00:00:00","date_gmt":"2014-09-27T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/09\/virginia_files_115b_securities"},"modified":"2022-05-06T11:56:47","modified_gmt":"2022-05-06T16:56:47","slug":"virginia-files-115b-securities","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/virginia-files-115b-securities\/","title":{"rendered":"Virginia Files $1.15B Securities Lawsuit Against Citigroup, Credit Suisse, JPMorgan Chase, and Other Big Banks"},"content":{"rendered":"\n

The state of Virginia is suing 13 of the biggest banks in the U.S. for $1.15 billion. The state\u2019s Attorney General Mark R. Herring claims that they misled the Virginia Retirement System about the quality of bonds in residential mortgages. The retirement fund bought the mortgage bonds between 2004 and 2010.<\/p>\n

The defendants include Citigroup (C)<\/a>, JPMorgan Chase (JPM)<\/a>, Credit Suisse AG (CS), Bank of America Corp. (BAC)<\/a>, Goldman Sachs Group Inc. (GS), Morgan Stanley (MS),<\/a> Deutsche Bank (DB), RBS Securities (RBS), HSBC Holdings Inc. (HSBC), Barclays Group (BARC), Countrywide Securities, Merrill Lynch, Pierce, Fenner & Smith Inc.<\/a>, and WAMU Capital (WAMUQ). According to Herring, nearly 40% of the 785,000 mortgages backing the 220 securities that the retirement fund bought were misrepresented as at lower risk of default than they actually were. When the Virginia Retirement System ended up having to sell the securities, it lost $383 million. <\/p>\n

The mortgage bond fraud claims are based on allegations from Integra REC, which is a financial modeling firm and the identified whistleblower in this fraud case. Herring\u2019s office wants each bank to pay $5,000 or greater per violation. As a whistleblower, Integra could get 15-25% of any recovery for its whistleblower claims.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The state of Virginia is suing 13 of the biggest banks in the U.S. for $1.15 billion. The state\u2019s Attorney General Mark R. Herring claims that they misled the Virginia Retirement System about the quality of bonds in residential mortgages. The retirement fund bought the mortgage bonds between 2004 and 2010. The defendants include Citigroup […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3751,3756,3820,3868,3817,3752,3947,3858,3999,4004],"tags":[],"class_list":["post-5691","post","type-post","status-publish","format-standard","hentry","category-bank-of-america","category-barclays-capital","category-citigroup","category-countrywide-financial","category-credit-suisse","category-financial-firms","category-goldman-sachs","category-morgan-keegan","category-rbs-securities","category-washington-mutual"],"yoast_head":"\nVirginia Files $1.15B Securities Lawsuit Against Citigroup, Credit Suisse, JPMorgan Chase, and Other Big Banks — Investor Lawyers Blog — September 27, 2014<\/title>\n<meta name=\"description\" content=\"The state of Virginia is suing 13 of the biggest banks in the U.S. for $1.15 billion. 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