BofA, Citi Facing More Than $375B In MBS Suits

Law360, New York (November 8, 2010, 8:22 AM EST) -- Bank of America Corp. revealed Friday that it's facing multiple lawsuits over misstatements or omissions the troubled bank allegedly made when issuing $375 billion in mortgage-backed securities, while fellow banking behemoth Citigroup Inc. said it's also facing at least five investor lawsuits over billions more of the securities.

The banks disclosed the suits in a quarterly report the bank filed with the U.S. Securities and Exchange Commission on Friday.

The lawsuits have been brought by Charles Schwab Corp., Cambridge Place Investment Management Inc. and the Federal...
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