Allstate (NYSE:ALL) has reportedly lost in a lawsuit filed against BOA.
Illinois-based second largest personal lines insurer, Allstate (NYSE:ALL), has reportedly lost a lawsuit for claiming the assumed losses of $700 million in mortgage-backed securities purchased from Countrywide Financial Corp (CFC), a mortgage lender acquired by Bank of America in 2008.
Maryellen Thielen, a spokeswoman for Allstate (NYSE:ALL), said, “We respectfully disagree with the court’s opinion. Even if it’s upheld on appeal, the decision only affected whether Bank of America, in addition to Countrywide, will have to pay should Allstate (NYSE:ALL)’s claim reach judgment in its favor.”
Allstate (NYSE:ALL) company shares are currently standing at 30.69.
Price History
Last Price: 30.69
52 Week Low / High: 22.27 / 34.4
50 Day Moving Average: 27.68
6 Month Price Change %: 16.7%
12 Month Price Change %: -1.7%