The Federal Deposit Insurance Corp. filed suit yesterday against Bank of America.

The government agency alleges Bank of America owes $542 million to the regulator's deposit insurance fund.

The suit claims Bank of America underreported a key risk metric by tens of billions of dollars during the final three quarters of 2013 and all of 2014. The FDIC alleges that move allowed Bank of America to appear less risky than it actually was and avoid paying fees to the FDIC.

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