Bank of America Corp., the second- biggest U.S. lender by assets, was sued by investors over $261.2 million worth of residential mortgage-backed securities, Bloomberg News reported yesterday. The case was filed on Tuesday in the New York State Supreme Court in Manhattan by investors including Phoenix Light SF Ltd. They asked for damages of more than $122.2 million from defendants including the Charlotte, N.C.-based lender and its Countrywide unit. The investors said they relied on offering materials that misrepresented and omitted statistical characteristics of the loans underlying the securities, including the percentage of properties that were occupied by owners.
