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Reports: FDIC slaps Bank of America with $542M lawsuit over payment claim

Justice League

The Federal Deposit Insurance Corp. has filed a lawsuit against Bank of America Corp. (NYSE: BAC), claiming the Charlotte-bank owes at least half a billion dollars in unpaid deposit insurance, according to a Bloomberg report.

The U.S. banking regulator sued Bank of America in federal court in Washington on Monday over accusations that the bank “ignored FDIC instructions on how to account for its exposure to counterparties,” Bloomberg and other media outlets reported.

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