January 9, 2017 / 5:20 PM / in 6 months

FDIC sues Bank of America over payment dispute

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The Bank of America building is shown in Los Angeles, California October 29, 2014.Mike Blake/File Photo

(Reuters) - The U.S. Federal Deposit Insurance Corporation sued Bank of America Corp (BAC.N) over $542 million in deposit insurance which it says the second-largest U.S. bank "refuses to pay," according to a complaint filed Monday in a U.S. district court.

Bank of America believes it is compliant with the rules, according to a bank spokesman, who said the dispute is over a "technical disagreement."

Reporting by Dan Freed in New York; Editing by Chizu Nomiyama

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