Bank of America Corp. (BAC)'s Countrywide unit was sued by Sealink Funding Ltd. in New York over $1.6 billion of residential mortgage-backed securities the fund purchased between 2005 and 2007.

Sealink filed the suit against Countrywide in New York State Supreme Court yesterday, seeking unspecified compensatory, rescissory and punitive damages. Sealink is a fund created to manage Landesbank Sachsen AG's riskiest assets after the German lender almost collapsed.

Comments: Be the first to add a comment

add a comment | go to forum thread