Shareholders Sue BofA Over Foreclosure Practices

Law360, New York (March 29, 2011, 7:44 PM EDT) -- Shareholders sued Bank of America Corp.'s board of directors in New York state court Monday, saying the company's share price suffered when it allegedly hid billions of dollars of debt and used shady criteria to evict homeowners.

Bank of America's materially false and misleading statements before the improprieties came to light caused the company's stock to trade at artificially inflated levels from January 2010 through October 2010, according to the complaint filed by Jala Amsellem of Glancy Binkow & Goldberg LLP in the Supreme Court of...
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