State of Tennessee Intervenes in $140 Million Qui Tam Suit and Retains RCT
On February 6, 2015, the State of Tennessee’s Consolidated Retirement System formally intervened in a $140 million suit filed by RCT on behalf of relator, Integra REC LLC, against numerous investment banks, including Merrill Lynch, Citigroup, Royal Bank of Scotland, and Credit Suisse, for financial fraud in connection with knowingly misrepresented residential mortgage-backed securities purchased by the state’s retirement system. In connection with its intervention, the state has retained RCT to prosecute the case.
Prior results do not guarantee a similar outcome.