A Manhattan federal judge on Friday expanded the scope of class-action litigation accusing banks of concealing the risks of more than $34 billion of mortgage-backed securities prior to the financial crisis. U.S. District Judge Harold Baer said investors may now pursue claims as a group against Citigroup Inc (NYS:C), Goldman Sachs Group Inc (GS) and UBS AG (UBSN.VX) over an estimated $11.9 billion of securities. Those offerings were linked to the RALI Mortgage Asset-Backed Pass-Through Certificates, which were issued in 2006 and 2007 by the former Residential Capital LLC. One offering was the subject of a partial $100 million settlement this year. Baer also said investors may pursue a similar case against Royal Bank of Scotland Group Plc (RBS.L) over an estimated $22.5 billion of securities in 12 offerings linked to the Harborview Mortgage Loan Trusts, which were also created in 2006 and 2007.
via Business News - Yahoo Finance http://finance.yahoo.com/news/u-judge-expands-classes-lawsuits-224200308.html
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