Bank of America branch in Baltimore, MD. September 3, 2023. Photo: Diego M. Radzinschi/ALM UBS Sues Bank of America for $200 Million Over Indemnification Breach
The complaint, filed in Manhattan state court on Wednesday, alleges Countrywide Financial – which was purchased by Bank of America in 2008 – agreed to cover legal costs stemming from residential mortgage-backed securities that were backed by Countrywide's mortgage loans.
July 31, 2024 at 06:10 PM
2 minute read
Financial Services and Banking
Bank of America is facing a new $200 million lawsuit from Swiss bank UBS, claiming the financial institution has failed to meet its indemnification obligations in litigation over mortgages issued prior to the 2008 financial crisis.
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