NU Online News Service, Feb. 18, 8:56 a.m. EST
Allstate Corp. has filed a lawsuit against J.P. Morgan Chase & Co. over more than $750 million in mortgage-backed securities purchased from the banks.
The suit, filed in New York State Supreme Court in Manhattan, alleges the bank violated state fraud and negligent misrepresentation laws, as well as federal securities laws, Allstate said, charging that J.P. Morgan misrepresented the quality of the mortgages.
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