Royal Park Investments SA, a manager of distressed debt securities in Belgium, sued 11 investment banks for more than $3 billion for losses on mortgage-backed securities in the U.S.
The defendants are JPMorgan Chase & Co. (JPM), Deutsche Bank AG (DBK), Goldman Sachs Group Inc. (GS), Credit Suisse Group AG (CSGN), Royal Bank of Scotland Group Plc (RBS), Bank of America Corp. (BAC) and its Merrill Lynch unit, Morgan Stanley (MS), Barclays Plc (BARC), Citigroup Inc. (C) and UBS AG. (UBSN)
Royal Park was set up in 2009 by Fortis Bank SA/NV, the Belgian government and BNP Paribas SA (BNP) to manage a pool of distressed securities.
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