Investors Target BofA Board In Suit Over Foreclosures

Law360, New York (April 18, 2012, 5:29 PM EDT) -- A group of shareholders hit several members of Bank of America Corp.'s board of directors, including CEO Brian Moynihan, with a derivative suit Wednesday in Delaware state court, alleging the banking giant's board failed to correct widespread illegal mortgage foreclosure practices.

The suit, filed in Delaware Chancery Court, alleges that Bank of America — a nominal defendant in the suit — and the directors breached the company's fiduciary duty to shareholders by engaging in a number of illicit mortgage-related practices between 2008 and 2012 to improve...
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