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Virginia sues 13 banks for $1 bln over alleged mortgage bond fraud

Reuters - UK Focus

WASHINGTON, Sept 16 (Reuters) - The state of Virginia sued units of Barclays Plc (LSE: BARC.L - news) , Citigroup Inc (NYSE: C - news) , and 11 other banks, accusing them of defrauding the state's retirement fund by selling it shoddy mortgage bonds, Virginia Attorney General Mark Herring said on Tuesday.

The lawsuit seeks $1.15 billion in damages from the banks, who allegedly misled the Virginia Retirement System about the quality of loans in the investments purchased between 2004 and 2010. (Reporting by Aruna Viswanatha; Editing by Chizu Nomiyama)