German bank IKB Deutsche Industriebank has filed a lawsuit over losses on $137.4m and more than $73.2m in securities against Citigroup, Goldman Sachs respectively, while UBS has been sued by Sealink Funding over $158.1m in bonds, as reported by the Bloomberg.
According to the court paper filed by the plaintiff in New York State Supreme Court, the three banks have been accused of making "material misrepresentations" about the loans backing the securities and about the transfer of the loans into trusts.
Citi, a global financial services company owns nearly 200 million customer accounts and performs business in more than 160 nations and jurisdictions across the globe.
Headquartered in New York, US, Goldman Sachs operates through Investment Banking, Institutional Client Services, Investing and Lending and Investment Management segments.
Switzerland based UBS offers wealth management, asset management, and investment banking services to private, corporate, and institutional clients across the world.
