BofA Mortgage Woes Hurt Bottom Line: Shareholders

Law360, New York (July 25, 2011, 7:50 PM EDT) -- Shareholders hit Bank of America Corp. and its executives with a derivative suit Friday in Massachusetts federal court, alleging that the bank's "inadequate servicing" of its residential mortgage loans is hurting the company's reputation and bottom line.

The bank's executives "failed to implement and maintain adequate internal controls to manage the foreseeably immense financial fallout from inadequate residential mortgage loan underwriting standards — even though they reviewed, approved and caused the company to file financial statements during that time with the [U.S. Securities and Exchange Commission]...
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