Royal Park Investments SA, a manager of distressed debt securities in Belgium, sued 11 investment banks for more than $3 billion for losses on mortgage-backed securities in the U.S.
Brussels-based Royal Park filed a formal complaint on Dec. 14 in New York state court, the company said in a statement on its website yesterday.
The defendants are JPMorgan Chase & Co. (JPM:US), Deutsche Bank AG (DBK), Goldman Sachs Group Inc. (GS:US), Credit Suisse Group AG (CSGN), Royal Bank of Scotland Group Plc (RBS), Bank of America Corp. (BAC:US) and its Merrill Lynch unit, Morgan Stanley (MS:US), Barclays Plc (BARC), Citigroup Inc. (C:US) and UBS AG. (UBSN)
Royal Park was set up in 2009 by Fortis Bank SA/NV, the Belgian government and BNP Paribas SA (BNP) to manage a pool of distressed securities.
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