Bank of America (BAC), the largest U.S. bank, has sued the FDIC over $1.75 bln of investor losses mainly from the 2009 collapses of a large regional bank and large mortgage lender. The lawsuit concerns the FDIC’s role as receiver for the main banking unit of Alabama’s Colonial BancGroup, and the implosion of Taylor, Bean & Whitaker Mortgage, where federal prosecutors say a multi-billion dollar mortgage fraud took place. – Reuters
Disclaimer: This page contains affiliate links. If you choose to make a purchase after clicking a link, we may receive a commission at no additional cost to you. Thank you for your support!