Chris Dolmetsch, Bloomberg

Bank of America Corp., the second- biggest U.S. lender by assets, was sued by investors over $261.2 million worth of residential mortgage-backed securities.

The case was filed yesterday in New York state Supreme Court in Manhattan by investors including Phoenix Light SF Ltd. They asked for damages of more than $122.2 million from defendants including the Charlotte, North Carolina-based lender and its Countrywide unit.

The investors said they relied on offering materials that misrepresented and omitted statistical characteristics of the loans underlying the securities, including the percentage of properties that were occupied by owners.

Lawrence Grayson, a spokesman for Bank of America, didn’t immediately respond to an e-mail seeking comment on the lawsuit.

In September, investors including Phoenix Light sued Bank of America in the same court over losses of more than $36.6 million on mortgage-backed securities worth about $69.8 million. They also sued lenders including JPMorgan Chase & Co. (JPM) and Goldman Sachs Group Inc. (GS) for $1.8 billion in May, and Deutsche Bank AG’s Ace Securities for about $300 million in February.

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