Bank of America Sued Over $261 Million in Mortgage Bonds
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Bank of America Corp., the second-biggest U.S. lender by assets, was sued by investors over $261.2 million worth of residential mortgage-backed securities.
The case was filed yesterday in New York state Supreme Court in Manhattan by investors including Phoenix Light SF Ltd. They asked for damages of more than $122.2 million from defendants including the Charlotte, North Carolina-based lender and its Countrywide unit.