Saturday, Jul 23, 2016
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2 largest U.S. banks hit with new lawsuits

JPMorgan Chase & Co. and Bank of America Corp. were hit with new lawsuits by investors claiming losses on $4.5 billion of soured mortgage debt, adding to litigation targeting the two largest U.S. banks.

The plaintiff Sealink Funding Ltd said it lost money after buying nearly $2.4 billion of residential mortgage-backed securities from JPMorgan and $1.6 billion from Bank of America from 2005 to 2007.

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