BofA Escapes Reinsurance Pay-To-Play Class Action

Law360, Los Angeles (November 18, 2013, 8:55 PM EST) -- A Pennsylvania federal judge on Monday granted Bank of America Corp.’s motion to dismiss a proposed class action alleging it reaped millions of dollars in illegal referrals from private mortgage insurers, ruling that the claims brought under the Real Estate Settlement Procedures Act were time-barred.

The decision comes months after U.S. District Judge Berle M. Schiller refused to cut Bank of America NA from the lawsuit, saying the court needed more evidence to weigh BofA’s argument that the suit, which was filed in 2012 under the...
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