Citigroup and Goldman Sachs were sued in New York by lender IKB Deutsche Industriebank AG over losses on $210.6 million in MBS.
The Dusseldorf, Germany-based bank claims Citigroup and Goldman Sachs made "material misrepresentations" about the loans backing the securities and about the transfer of the loans into trusts, according to filings today in New York State Supreme Court.
The Citigroup case involves $137.4 million in securities, and the Goldman Sachs lawsuit is over $73.2 million, according to the filings. IKB said it sold the securities at a loss and that its claims against Citigroup and Goldman Sachs include fraud and negligent misrepresentation.
Separately, UBS was sued in New York by Sealink Funding over $158 million in MBS, according to a court filing.
Danielle Romero-Apsilos, a spokeswoman for New York-based Citigroup, and Michael DuVally, a spokesman for New York-based Goldman Sachs, declined to comment on the lawsuit. Karina Byrne, a spokeswoman for UBS, didn't immediately respond to an e-mail seeking comment.
The cases are IKB International S.A. in Liquidation v. Citigroup Inc., 653100-2012, and IKB International S.A. in Liquidation v. Goldman Sachs Group Inc., 653101-2012, and Sealink Funding Ltd. v. UBS AG, 653102-2012, New York State Supreme Court (Manhattan).