Bank of America’s acquisition of Countrywide for $2.5 billion in July 2008 came at a steep cost, as the bank has since faced substantial legal and financial burdens related to Countrywide’s practices.
As UBS seeks to recover its legal costs, the case could potentially open up further disputes over the responsibilities and liabilities associated with crisis-era financial products and acquisitions.
The lawsuit, UBS Americas et al v. Countrywide Home Loans Inc et al, is currently being reviewed in the New York State Supreme Court, New York County.
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