Sources
Loading...
Additional media
Loading...
DeepNewz, mobile.
People-sourced. AI-powered. Unbiased News.
UBS has filed a lawsuit against Bank of America, seeking $200 million in damages related to crisis-era mortgage costs. The complaint, filed on Wednesday, alleges that Bank of America refused to cover UBS's legal costs associated with risky mortgages issued prior to the 2008 global financial crisis. The loans in question were made to a Miami company, with audits prepared by BDO. This lawsuit is part of a broader wave of litigation since 2008 aimed at holding lenders accountable for the declining value of residential mortgage-backed securities that were once deemed safe investments.
Counsel for the defunct developer of the Bahamian luxury resort Baha Mar opened a bench trial in New York state court arguing it lost more than $1.5 billion because of a Chinese state-owned construction firm's "lies, competing agendas and broken promises." https://t.co/nsFG7dmDLJ
UBS has sued Bank of America, $BAC, for $200 million on Wednesday, saying the second-largest U.S. bank refused to cover its legal costs related to risky mortgages issued before the 2008 global financial crisis.
UBS sued Bank of America for $200 million over crisis-era mortgage costs, saying the US bank refused to cover its legal costs related to risky mortgages issued before the 2008 global financial crisis https://t.co/2MYJLeItZ4 https://t.co/2DClnzWBNY
