Wells Fargo Says BofA Ruling Doesn't Help US Fraud Case

Law360, New York (August 22, 2013, 5:01 PM EDT) -- A recent court ruling allowing civil prosecutors to sue Bank of America Corp. under a 1989 fraud law should not aid the government in a similar action alleging Wells Fargo Bank NA defrauded a federal mortgage insurance program, attorneys for Wells Fargo told a New York judge Tuesday.

Wells Fargo sought to contain the fallout from a Monday ruling by U.S. District Judge Jed Rakoff allowing the U.S. Department of Justice to pursue a $1 billion mortgage fraud suit against BofA under the Financial Institutions Reform,...
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