December 17, 2014 / 5:26 PM / 3 years ago

U.S. regulator sues U.S. Bank, Bank of America over mortgage securities

WASHINGTON, Dec 17 (Reuters) - The U.S. National Credit Union Administration said on Wednesday it filed a lawsuit against U.S. Bank and Bank of America over mortgage securities.

The regulator said the banks broke state and federal laws by failing their duties as trustees for 99 securities trusts. The lawsuit is related to $5.8 billion in securities sold to five credit unions between 2004 and 2007, the regulator said. (Reporting by Emily Stephenson; Editing by Susan Heavey)

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