Claims Pared In BofA Mortgage Rate Disclosure Suit

Law360, New York (March 17, 2010, 1:19 PM EDT) -- A federal judge has again thrown out state law claims for breach of contract and unfair competition in a putative class action that accuses Bank of America NA of not clearly disclosing that a teaser rate on option adjustable rate home mortgages would quickly expire.

State law claims for unfair competition were preempted by the National Bank Act, Judge Ronald M. Whyte of the U.S. District Court for the Northern District of California said in an order Monday.

The judge also found that Bank of America...
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