US Bank sues BofA for mortgage-related breach of contract

U.S. Bancorp (NYSE: USB) is suing Bank of America Corp. (NYSE: BAC) for what it claims is a breach of contract related to mortgage-backed securities. U.S. Bank filed the suit on Friday in U.S. District Court for the Southern District of New York.

The complaint involves First Franklin Financial Corp., which was acquired by Merrill Lynch & Co. Inc. in 2006. BofA then acquired Merrill Lynch in 2008. According to court documents, First Franklin sold defective mortgages to a residential mortgage-backed…

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