DZ Bank Targets BofA For $546M In MBS Campaign

Law360, New York (December 17, 2012, 7:23 PM EST) -- DZ Bank AG on Friday sued Bank of America Corp. over about $546 million in mortgage-backed securities that the German firm bought from two companies Bank of America purchased during the financial crisis.

In a summons filed in New York state court, DZ Bank alleges that Bank of America's Merrill Lynch and Countrywide Financial units made material misrepresentations regarding the quality of mortgages that were packaged into residential mortgage-backed securities. The offering materials for the securities also omitted several key facts, DZ Bank says.

Countrywide, Merrill...
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