UBS has initiated a legal battle against Bank of America, seeking $200 million in damages for an alleged breach of indemnification. The complaint, lodged in Manhattan state court on Wednesday, revolves around Countrywide Financial, which was acquired by Bank of America in 2008. UBS claims Countrywide had agreed to cover legal costs associated with residential mortgage-backed securities endorsed by Countrywide’s mortgage loans. This lawsuit underscores ongoing tensions in the financial sector concerning legacy issues tied to the pre-financial crisis era.
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