BofA, U.S. Bancorp sued for role as WaMu bond trustee

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BofA, U.S. Bancorp sued for role as WaMu bond trustee

BofA, U.S. Bancorp sued for role as WaMu bond trustee

Another day, another new suit against securities.

REUTERS-

Bank of America Corp (BAC.N) and U.S. Bancorp (USB.N) have been sued by a Chicago pension fund that said they failed to protect investors in their roles as trustees for mortgage-backed securities for Washington Mutual Inc.

Wednesday’s complaint was filed eight days after U.S. District Judge William Pauley in Manhattan let four pension funds pursue similar claims against Bank of New York Mellon Corp (BK.N) over its role as trustee for Countrywide Financial Corp mortgage debt.

[REUTERS]

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