Bank of America Corp. is facing a new lawsuit filed by a group of shareholders of mortgage giant Countrywide Financial Corp., which the bank bought in 2008.

The group of investors, which include BlackRock funds, T. Rowe Price Group Inc., TIAA-CREF and several pension funds including the California Public Employees' Retirement System had earlier rejected a $624 million settlement struck last year deal, saying the terms were inadequate. The lawsuit accused Countrywide of misleading shareholders about its finances and lending practices.

Blair Nicholas, a partner at the law firm Bernstein Litowitz Berger & Grossmann, representing the investors said they will present their claims before a jury. Bank of America spokesman Lawrence Grayson said: "We intend to vigorously defend these claims." Read More

Tag: Bank Of America, Mortgage Crisis, Mortgages, Bank Of America Lawsuit, Countrywide Financial, Countrywide Lawsuit, T. Rowe Price, Bank Lawsuit, Blackrock, Bofa, Bofa Lawsuit, Countrywide, Tiaa-Cref, Business News