The plaintiff, Sealink Funding, said between 2005 and 2007, it bought approximately $2.4bn of residential mortgage-backed securities form JPMorgan and £1.6bn from Bank of America in reliance on offering materials that were misleading about the quality of the underwriting and underlying loans.
Another plaintiff, Landesbank Baden-Wurttemberg, raised similar claims in a separate lawsuit against JPMorgan over $500m of RMBS that it said it bought.
The plaintiffs seek compensatory and punitive damages.
