Reported 3 months ago
UBS has filed a lawsuit against Bank of America for $200 million, claiming that the bank failed to cover legal costs related to risky mortgages from Countrywide Financial, which it acquired in 2008. UBS contends that Countrywide had agreed to indemnify it against claims of poor underwriting but that Bank of America neglected its indemnification obligations. The suit comes in the context of ongoing litigation over the collapsed value of mortgage-backed securities linked to the financial crisis.
Source: YAHOO