Large Investors Sue Bank of America

Bank of America Corp. was sued by 15 former Countrywide Financial Corp. institutional investors who said they lost money after being misled about the mortgage lender’s financial condition and lending practices. BlackRock Inc., the California Public Employees’ Retirement System (CalPERS), T Rowe Price Group Inc., TIAA-CREF and the other plaintiffs, including some in Europe, sued in Los Angeles federal court, after deciding not to join a $624 million settlement that won court approval in February.

Read more: Large Investors Sue Bank of America — Insurance Journal