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Seven weather related events drove up the losses for this quarter. Allstate said that pre-tax, losses for May were around $600 million.

Severe weather related events in 2Q drove losses to $2 billion so far for Allstate Corp. (NYSE:ALL). This is the highest quarterly loss since 2008 when Hurricanes Ike and Gustav brought 2008 third-quarter losses to $1.8 billion. I

Good Morning. It's Wednesday, February 9, 2011. At this hour, U.S. equity futures are down. Overseas, the Asian markets retreated, while the European markets are mixed. The St. Joe Company (JOE) announced that its board unanimou

Allstate Corp. (ALL) has shed its opening bell upside and is down fractionally, after the insurance carrier said it was suing Bank of America Corp. (BAC) over mortgage-backed securities that went sour.
The suit alleges the b

Financial issues are higher this morning with Allstate Corp. (ALL) suing Bank of America Corp. (BAC), alleging the bank's Countrywide unit knew $700 million in residential mortgage-backed securities it sold Allstate were a "toxic

The suit claims that Countrywide misrepresented the investments. Allstate says in the suit that the securities experienced a "drastic and rapid loss in value" when the housing crisis hit.

Allstate shares are down 0.5%, or $0.16, to $31.93. Bank of America shares are up 0.9% to $13.39.

Allstate Corp. (ALL) shares are down after the insurer sued Bank of America's (BAC) Countrywide unit over a $700 million investment in residential mortgage-backed securities, Bloomberg reported.