“New York Attorney General Eric Schneiderman has filed a lawsuit against JP Morgan Chase alleging widespread fraud in the sale of mortgage backed securities.

It was the first lawsuit filed against a major bank involved with the 2008 financial crisis.

“Finally a major Wall Street bank has been sued for fraud for its reckless lending that helped cause the 2008 financial collapse,” said Dennis Kelleher, president of Better Markets, a nonprofit organization that promotes the public interest in the financial markets.”

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