Former BofA Exec Loses Bid To Dismiss Muni Fraud Suit

Law360, Los Angeles (October 16, 2013, 4:38 PM EDT) -- A North Carolina federal judge on Tuesday denied a bid by a former Bank of America Corp. municipal bonds investor to dismiss a suit alleging he rigged a bidding system in order to steer more contracts to the bank.

U.S. District Judge Max O. Cogburn Jr. denied Phillip D. Murphy’s motion to dismiss, saying the former bank employee misinterpreted court precedent when he argued that the statute of limitations had passed on the ability to file claims against him for allegedly running the scheme.

Murphy, who...
To view the full article, register now.