Allstate Corp. (ALL) on Friday sued Citigroup Inc. (C) and Deutsche Bank AG (DB) for allegedly misrepresenting risks on more than $385 million of mortgage securities it bought, Reuters reported, citing the complaint.

The U.S. home and auto insurer filed the lawsuits with the New York State Supreme Court in Manhattan, citing "significant losses" suffered after buying more than $200 million of mortgage-backed securities from Citigroup and more than $185 million from Deutsche Bank.

It has filed similar complaints against Bank of America Corp. (BAC) and J.P. Morgan Chase & Co. (JPM.).

Full story at http://www.reuters.com/article/2011/02/18/us-allstate-mortgage-lawsuits-idUSTRE71H5T420110218?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed

-Dow Jones Newswires; 212-416-2900
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