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

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    Thursday Feb 24, 2011 at 05:29 pm EST
    Bank of America Corp. (NYSE:BAC) Sued by Investors
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    Bank of America Corp. (NYSE:BAC), the biggest U.S. bank by assets, was sued by investors in mortgage-backed bonds who want Bank of America Corp. to buy back loans underlying their securities.

    As per Bloomberg, Bank of America’s Countrywide Financial unit breached representations and warranties about the loans, which it originated, the investors said in the complaint filed today in New York State Supreme Court in Manhattan.

    “Each of these breaches of representations and warranties materially and adversely affected the interests of both the trust and plaintiffs in those mortgage loans,” they said.

    Shares of Bank of America Corp. (NYSE:BAC) closed at 413.level of $14.23.  Major support points for Bank of America Corp. (NYSE:BAC) below current price are at $13.67, $13.24, $12.5, $11.95 and at $11.6. Resistance levels above current price are at $14.23, $14.93 and $15.57.

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