Allstate adds Citi, Deutsche Bank to suit: reports

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SAN FRANCISCO (MarketWatch) -- Allstate Corp. is suing Citigroup Inc. and Deutsche Bank AG accusing the banks of misrepresented risks on mortgage-backed securities they sold, according to media reports Friday. Allstate has filed similar suits against J.P. betterMorgan Chase & Co. and Bank of America Corp.'s Countrywide Financial unit. In the lawsuit, the insurer said it bought more than $200 million in mortgage-backed securities from Citigroup and more than $185 million from Deutsche Bank, according to reports.

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