Business Week-
Royal Park Investments SA/NV sued Bank of America Corp. (BAC), the second-largest U.S. bank, in New York state court over losses on about $1.6 billion in residential mortgage-backed securities.
The suit seeks damages of more than $713 million for losses on the securities, which were initially purchased by third parties, according to a complaint filed in New York State Supreme Court in Manhattan on Oct. 26. The court was closed last week because of Hurricane Sandy.
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