Federated Sues BofA Over $185M Countrywide Investment

Law360, New York (July 21, 2011, 2:42 PM ET) -- Federated Investment Management Co. sued Bank of America Corp. and other financial companies in California state court Monday seeking damages over its $185 million investment in mortgage-backed securities issued by Countrywide Financial Corp., claiming a recent settlement brings to light fraud by the mortgage lender.

Other defendants named in the complaint, lodged in Los Angeles Superior Court, include Lehman Brothers Inc., Morgan Stanley & Co Inc., UBS Securities LLC.

The Pittsburgh-based investment company claims a proposed $8.5 billion New York settlement between BofA and MBS investors...
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