Allstate has sued Countrywide Financial over $700 million in toxic mortgage-backed securities that the insurer bought starting in 2005, only to see their value fall rapidly.
December 29, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Allstate Corp. has filed a federal lawsuit against Countrywide Financial Corp. over $700 million in toxic mortgage-backed securities that the insurer bought beginning in 2005, only to see their value decline rapidly.
The suit, filed Monday in Manhattan federal court, targets Countrywide, its co-founder and longtime CEO Angelo Mozilo and other executives, as well as Bank of America Corp., which bought the mortgage giant in 2008.
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