Bank of America Corp (NYSE: BAC) has been sued by a property preservation company on charges of deceit, fraud and breach of contract as well as unjust enrichment in a civil suit in California.
Diversified Field Services of Tustin, California, which maintains foreclosed properties for banks, says in its lawsuit that Bank of America Corp (NYSE: BAC) signed a Diversified Field Services to maintain repossessed homes in 14 states last year.
The company said that it spent more than $2 million preparing to do the work that Bank of America Corp (NYSE: BAC) contracted it to do, but that the work never came.
Diversified Field Services also alleges that Bank of America Corp (NYSE: BAC) misrepresented the quality of the work done by DFS, which the company believes destroyed its business and ruined its reputation.
The company also alleges that Bank of America Corp (NYSE: BAC) never paid for the $400,000 worth of work that it did do.
The suit seeks unspecified damages.
Bank of America Corp (NYSE: BAC) says that it has not seen the civil suit, filed in Orange County, CA.