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Allstate, Bank of America settle securities suit

Allstate Corp. and Bank of America Corp.’s Countrywide subsidiary have settled a lawsuit over $700 million in devalued mortgage-backed securities. Terms of the accord weren’t revealed. Bank of America is resolving a series of lawsuits against Countrywide, the largest U.S. home-lender in the run-up to the housing market collapse and 2008 financial crisis, Bloomberg reports.