Virginia Sues 13 Banks for $1.15 Billion Alleging Fraud
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Citigroup Inc., Bank of America Corp. and Goldman Sachs Group Inc. are among 13 banks whose units were sued for $1.15 billion by Virginia over claims they misled the state’s retirement system about the sale of residential mortgage-backed securities.
The suit in state court in Richmond is the largest financial fraud case ever brought by the commonwealth, Virginia Attorney General Mark Herring said in a statement today.