03:45 PM EDT, 07/31/2024 (MT Newswires) -- UBS (UBS) has sued Bank of America ( BAC ) unit for $200 million, alleging that the bank refused to cover legal costs related to risky mortgages issued before the 2008 financial crisis, a court filing showed.

UBS stated that Countrywide Financial, which was acquired by Bank of America ( BAC ) in 2008, had agreed to reimburse it against the mortgages that were inaccurately underwritten, according to the document submitted Tuesday to the New York Supreme Court.

The Swiss bank claims that despite extended discussions, "Countrywide ultimately refused to comply with its indemnification obligations," including about $53 million in legal costs, as per the document.

UBS declined to comment on the matter.

Bank of America ( BAC ) did not immediately respond to a request for comment from MT Newswires.

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