JPMorgan Chase & Co bought Bear in 2008, and Bank of America Corp bought Countrywide in the same year. As bond trustee, BNY Mellon "shirked its duty" to ensure the loan documents were not incomplete or defective, the FDIC said. "While BNY Mellon stood idly for years, the sponsors kept defective mortgage loans in the covered trusts, servicers reaped excessive fees for servicing the defaulted loans from the covered trusts, and plaintiff was left to suffer enormous losses," the lawsuit said. A spokesman for Bank of New York Mellon had no immediate comment. US Bancorp spokesman Dana Ripley declined to comment. Since 2013, the FDIC has secured $1.83 billion in settlements with financial institutions over mortgage-backed securities sold to banks it took into receivership. In July, Morgan Stanley agreed to pay the FDIC $24 million to resolve a lawsuit filed in a Texas state court, according to a settlement agreement on the regulator's website.