Allstate Suing Bank Of America (ALL, BAC)

According to Reuters, Allstate ALL is suing Bank of America BAC over losses it incurred from Countrywide. It's suing BAC and 18 other defendants for more than $700 million, regarding mortgage securities it had purchased throughout the years. "Defendants knew the loans offloaded onto Allstate were a toxic mix of loans given to borrowers that could not afford the properties, and thus were highly likely to default," said the 150-page complaint filed yesterday in a Manhattan federal court. Shares of Allstate were last trading down 13 cents to $31.96, a loss of 0.4%, while shares of Bank of America were up 12 cents to $13.40.