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Citigroup, Goldman, UBS Sued Over Mortgage-Backed Bonds

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Citigroup Inc., Goldman Sachs Group Inc. and UBS AG were sued separately in New York over losses on $368.7 million in mortgage-backed securities.

The three banks made “material misrepresentations” about the loans backing the securities and about the transfer of the loans into trusts, according to filings today in New York State Supreme Court.