Allstate (ALL) files a fraud suit against BofA (BAC) and its Countrywide unit, saying that $700M...

|About: Allstate Corporation (ALL)|By:, SA News Editor

Allstate (ALL) files a fraud suit against BofA (BAC) and its Countrywide unit, saying that $700M of residential MBS it bought were misrepresented, "offloading the risk onto Allstate and other institutional investors." Former Countrywide chief Angelo Mozilo is also among defendants.