Banks face suit over mis-sold subprime loans

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HSBC: one of banks cited by Cambridge Place

Cambridge Place Investment Partners, a fund based in Massachusetts, has filed a suit against 15 banks, including the US arms of three British institutions. The lawsuit alleges the institutions mis-sold $2.4 billion worth of mortgage-backed securities based on “untrue statements”. According to reports, the British banks include Barclays, HSBC and Royal Bank of Scotland. Other banks facing the suit are JP Morgan, Bank of America Merrill Lynch, UBS, Credit Suisse, Citigroup and Deuts