And Now U.S. Bancorp Is Suing Bank Of America Too

Richard Davis US BancorpRichard Davis, U.S. Bancorp

It turns out U.S. Bancorp is next in line to sue Bank of America. Yesterday, it filed a suit on behalf of investors over $1.75 billion of mortgage loans, says Forbes.Here’s why:

U.S. Bancorp had been acting as trustee of a trust that included 4,400 mortgage loans from Bank of America’s Countrywide Unit.

According to it, Countrywide agreed to buy the mortgages back if the bank was mislead about the quality of the mortgages — that makes all of this Bank of America’s problem.

U.S. Bancorp hired law firm Quinn Emanuel Urquhart & Sullivan for to represent them. The firm is also working for AIG in its $10 billion suit against Bank of America.

And when MBIA sued Bank of America, they hired Quinn Emmanuel too. Sounds like it’s a good year for them.

Meanwhile, Bank of America’s stock is down. But considering what happened last week, it’s getting off easy.


NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at