Bank of America is facing a new $200 million lawsuit from Swiss bank UBS, claiming the financial institution has failed to meet its indemnification obligations in litigation over mortgages issued prior to the 2008 financial crisis.
The complaint, filed in Manhattan state court on Wednesday, alleges Countrywide Financial— which was purchased by Bank of America in 2008—agreed to cover legal costs stemming from residential mortgage-backed securities that were backed by Countrywide’s mortgage loans.
