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NY sues JPMorgan over securities

The suit is the first to be filed under the auspices of the RMBS Working Group, set up by President Barack Obama to investigate and prosecute alleged misconduct that contributed to the financial crisis.

NY AG Eric T. Schneiderman alleges that Bear Stearns led investors to believe that the loans in its RMBS portfolio had been carefully evaluated and would be continuously monitored. But Schneiderman alleges that Bear Stearns failed to do either.

JPMorgan Chase & Co. spokesman Joseph Evangelisti says the bank intends to contest the allegations.

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