Pursuits
BofA, Moody’s, Starbucks, BP, H-P, Sony in Court News
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Allstate Corp. sued Bank of America Corp. and its Countrywide mortgage unit over $700 million in residential mortgage-backed securities the insurer purchased, claiming Countrywide misrepresented the investments.
“The defendants knew the loans offloaded onto Allstate were a toxic mix of loans given to borrowers that could not afford the properties, and thus were highly likely to default,” Allstate said in a complaint filed in federal court in Manhattan Dec. 28.