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Israeli bank files multi-million USD lawsuit against Bank of America

04-15-2012 19:03 BJT

Israel's second largest bank by assets, Bank Hapoalim, recently filed a 720-million-U.S. -dollar damage suit against Bank of America (BOA), accusing it of giving misleading information and breaching contracts in its sales of mortgage-backed securities.

"According to an investigation, there is basis for filing such a lawsuit against the bank," a spokesperson of Bank Hapoalim told Xinhua on Sunday in a written response.

"Accordingly, ... the bank filed suit against the body responsible for issuing these securities, which was acquired during the crisis in the United States by BOA," the response said.

Hapoalim suffered the biggest loss of all Israeli banking institutions in the 2008 subprime crisis, due to its investments in mortgage-backed securities, the Haaretz daily reported.

Hapoalim invested some 3.65 billion U.S. dollars in such securities, which led to a reported loss of over a billion dollars in 2008.

Editor:Shi Jierui |Source: Xinhua

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