Bank of America Sued By Bank Hapoalim BM & Principal Life Insurance Co. in N.Y. Over Mortgage-Backed Securities

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Bank of America Sued By Bank Hapoalim BM & Principal Life Insurance Co. in N.Y. Over Mortgage-Backed Securities

Bank of America Sued By Bank Hapoalim BM & Principal Life Insurance Co. in N.Y. Over Mortgage-Backed Securities

Bloomberg-

Bank of America Corp. was sued by Bank Hapoalim BM (POLI) and Principal Life Insurance Co. for fraud and breach of contract over the sale of almost $960 million worth of mortgage-backed securities.

Principal Life sued Charlotte-based Bank of America over its investment in $239 million worth of the securities, according to documents filed in New York State Supreme Court in Manhattan on March 30. Principal Life, a unit of Des Moines, Iowa-based Principal Financial Group, sued JPMorgan Chase & Co. in the same court earlier this month over $114.9 million worth of the securities

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