CNBC reports:
The New York Federal Reserve Bank is part of a consortium of eight large institutional investment firms that is suing Bank of America over failures related to mortgage securities.
Bloomberg reported earlier Tuesday that the New York Fed had joined with the Pacific Investment Management Company, better known as Pimco, and investment management firm BlackRock in an attempt to force BofA to buy back $47 billion in mortgage bonds.
Kathy Patrick, lead attorney for the consortium, confirmed in a statement Tuesday that the group holds more than 25 percent of the voting rights in more than $47 billion worth of Bank of America securities.
Pimco and BlackRock had no comment when contacted by CNBC. Bank of America representatives were not immediately available.