Banks face suit from US fund over mis-sold subprime loans

BOSTON, MA – Cambridge Place Investment Partners, a fund based in the Massachusetts, has filed a suit against 15 banks, including the US arms of three British institutions.

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 Deutsche Bank.

The law suit alleges the institutions mis-sold $2.4 billion worth of mortgage-backed securities based on “untrue