BUSINESS
06/20/2011 02:10 pm ET | Updated Aug 20, 2011

JPMorgan, RBS Securities Being Sued By Regulator Over Misrepresentation Of Securities

WASHINGTON - The U.S. regulator for credit unions said on Monday it has filed lawsuits against JP Morgan Securities and RBS Securities, alleging misrepresentation of securities backed by mortgages.

The National Credit Union Administration said the lawsuits involve damages in excess of $800 million and are related to the failure of five wholesale credit unions.

(Reporting by Dave Clarke; Editing by Tim Dobbyn)

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