BofA Sues FDIC Over $1.75 Billion Investor Losses

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

Be the first to comment

Leave a Reply

Your email address will not be published.