UBS sues Bank of America for $200 million over crisis-era mortgage costs
NEW YORK - UBS sued Bank of America for $200 million on Wednesday, saying the second-largest U.S. bank refused to cover its legal costs related to risky mortgages issued before the 2008 global financial crisis.
It said that despite extended talks with Bank of America about indemnification, including for about $53 million of legal costs, the Charlotte, North Carolina-based bank"ultimately refused to comply with its indemnification obligations." Countrywide's loans contributed to a housing bubble that burst as home prices cratered, fueling the financial crisis and a U.S. recession.
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