Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Royal Park Seeks More Than $3 Billion in Investment-Bank Lawsuit

Dec. 22 (Bloomberg) -- 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.

Brussels-based Royal Park filed a formal complaint on Dec. 14 in New York state court, the company said in a statement on its website yesterday.

The defendants are JPMorgan Chase & Co., Deutsche Bank AG, Goldman Sachs Group Inc., Credit Suisse Group AG, Royal Bank of Scotland Group Plc, Bank of America Corp. and its Merrill Lynch unit, Morgan Stanley, Barclays Plc, Citigroup Inc. and UBS AG.

Royal Park was set up in 2009 by Fortis Bank SA/NV, the Belgian government and BNP Paribas SA to manage a pool of distressed securities.

To contact the reporter on this story: James G. Neuger in Brussels at jneuger@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.