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Bank of America Sued for $542Mn - U.S. Regulator
[Photo: Bank of America Dallas Tower, by Justin Cozart / Wikimedia Commons]
The Federal Deposit Insurance Corporation (FDIC) on Monday sued Bank of America Corp for over $542 million in deposit insurance that it said the second-largest U.S. bank "refuses to pay."
"Bank of America underreported its counterparty exposures by tens of billions of dollars," the complaint filed in federal court in Washington said.
Specifically, the FDIC points to "counterparty risk" or the danger that another leading financial firm could fail and cost Bank of America. No other leading lender has understated its counterparty risk as did Bank of America, the complaint said.
Michael Krimminger of Cleary Gottlieb, who’s representing BofA, said the dispute concerned the interpretation of technical rules governing the insurance fund – and that he expects the bank to prevail in court.
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