BUSINESS DIGEST: Allstate sues Countrywide

Allstate sues Countrywide

NEW YORK

Allstate Corp. has filed a federal lawsuit against Countrywide Financial Corp. over $700 million in toxic mortgage-backed securities that the insurer bought beginning in 2005, only to see their value decline rapidly.

The suit, filed Monday in Manhattan federal court, targets Countrywide, its co-founder and longtime CEO Angelo Mozilo and other executives, as well as Bank of America Corp., which bought the mortgage giant in 2008.

Cable customers may lose networks

NEW YORK

Time Warner Cable Inc. customers from Portland, Maine, to Pensacola, Fla., could lose access to one of their network TV stations because of a contract dispute with Sinclair Broadcast Group.

The dust-up between Sinclair and Time Warner is one of a growing number of disputes over the fees that cable providers pay broadcast stations to include their signals in channel lineups.

Associated Press