Israeli Bank Hits Bank of America With $721M RMBS Suit

Law360, New York (April 3, 2012, 1:59 PM EDT) -- Israel-based Bank Hapoalim BM sued Bank of America Corp. and a number of its subsidiaries Friday in New York state court over alleged misrepresentations regarding more than $721 million in mortgage-backed securities.

Bank Hapoalim told the New York Supreme Court in New York County that Bank of America and its units NB Holdings Corp., Countrywide Financial Corp. and Merrill Lynch & Co. knowingly issued offering materials misrepresenting the underwriting standards used in the mortgage loans backing the securities the Israeli bank purchased.

“Each of the defendants...
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