FDIC sues Bank of America over payment dispute

(Reuters) - The U.S. Federal Deposit Insurance Corporation sued Bank of America Corp (NYSE: BAC) 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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