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  • Bank of America Corp. (NYSE:BAC) Sued by Allstate

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    Thursday Dec 30, 2010 at 09:41 am EST
    Bank of America Corp. (BAC) Sued by Allstate  
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    Allstate Corp. has sued Bank of America Corp. and the Countrywide Financial mortgage unit it acquired in 2008 regarding $700 million in residential mortgage-backed securities the insurer purchased, claiming that Countrywide misrepresented the investments.

    “Countrywide was singularly focused on increasing its market share, off-loading the risk onto Allstate and other institutional investors that purchased securities backed by pools of Countrywide’s mortgages,” Allstate said in its civil suit, filed Monday in U.S. District Court in Manhattan.

    Shares of Bank of America Corp. (NYSE:BAC) closed at $13.31 on Wednesday at resistance level of $13.24. Major support points for Bank of America Corp. (NYSE:BAC) below Monday's close are at $12.42, $11.93 and at $11.5. Resistance levels above yesterday's close are at $13.69, $14.04, $15.18 and $15.81.

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