The bank claimed in its filing that due to faulty offering materials, including misrepresentations of underwriting standards, it crippled into the losses.
"The offering materials also contained material misrepresentations and omissions regarding key statistical characteristics of the mortgage loans underlying the securities," Sealink said.
Sealink, which oversees risky Residential Mortgage-Backed Security (RMBS), seeks damages or to have the purchases rescinded.
Sealink has filed numerous other lawsuits against major banks over billions in residential mortgage-backed securities it bought.
New York attorney Joel Bernstein, who represents Sealink, said the new case is over ‘securities they have not sued for in the past’.
