US asset manager BlackRock and life insurance company MetLife have been sued by for $2m (â¬1.35m) over investments made in sub-prime securities, as investors are turning to legal remedies in an effort to recoup losses resulting from the credit meltdown.
Last week, Merrill Lynch was sued by the Massachusetts secretary of state for $14m for inappropriately selling collateralized debt obligations to the city of Springfield. Litigation arising from sup-prime investments has also been brought against other large banks including Citigroup and UBS.
