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Cleveland's Subprime Suit Against BofA Crumbles

Law360 (May 15, 2009, 12:00 AM EDT) -- While Cleveland is crippled with foreclosures, the city won’t get relief from the firms that securitized the subprime mortgages, as a federal judge has dismissed the city’s public nuisance lawsuit against a bevy of the nation’s largest banks, including Bank of America NA and Goldman Sachs & Co.

On Friday, Judge Sara Lioi of the U.S. District Court for the Northern District of Ohio ruled that the city’s complaint was preempted by state law and constituted an improper attempt by a municipal corporation to regulate the...
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