JPMorgan Chase & Co., the largest U.S. bank by assets, was sued by Bank Hapoalim BM over $361.2 million in residential mortgage-backed securities in New York state court, Bloomberg News reported on Friday. Israel's second-biggest bank is seeking damages for claims including common-law fraud, fraudulent inducement and negligent misrepresentation, according to the court filing. The bank accuses JPMorgan of making material misrepresentations in the offering materials for the investments. Bank Hapoalim, based in Tel Aviv, sued Charlotte, N.C.-based Bank of America Corp., the second-biggest U.S. bank, in the same court in April over $721 million worth of residential mortgage- backed securities.
