IKB Sues BofA Over $250M In Soured RMBS Sales

Law360, New York (May 15, 2012, 6:05 PM EDT) -- Germany's IKB Deutsche Industriebank AG hit Bank of America Corp. with a pair of lawsuits in New York state court on Monday, accusing BofA of fraudulently selling more than $250 million worth of risky residential mortgage-backed securities.

The complaints accuse BofA and units Merrill Lynch & Co. Inc., NB Holdings Corp. and Countrywide Financial Corp. of making several misrepresentations and omissions regarding the securitization and sale of $200 million and $56 million in mortgage-backed securities in two separate offerings. IKB sold the securities at a loss,...
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