NatWest Sues CMIS for Deals From Financial Crisis, FT Reports
--NatWest is suing mortgage finance group Credit Management & Investor Solutions--formerly General Motors Acceptance Corp.--for securitization deals struck prior to the financial crisis for 155 million euros ($168.3 million) plus interest, the Financial Times reports.
--The dispute was heard in London's High Court last week. It is linked to agreements designed to manage risks from the securitization of mortgages originated in the Netherlands and Germany between CMIS--originally part of U.S. carmaker General Motors--and ABN Amro, the FT reports. The Dutch lender was acquired in 2007 by a consortium led by Royal Bank of Scotland, which was renamed NatWest in 2020.
--NatWest and CMIS didn't immediately respond to a request from comment when approached by Dow Jones Newswires.
Full story: https://tinyurl.com/wbdh9xe8
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
July 29, 2024 03:09 ET (07:09 GMT)
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