FDIC sues Bank of America over payment dispute

Reuters
The Bank of America building is shown in Los Angeles, California October 29, 2014. REUTERS/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)