BofA Ignored Countrywide's Bad Mortgage Practices: Suit

Law360, New York (September 28, 2011, 3:27 PM EDT) -- A Bank of America Corp. shareholder alleged Wednesday in New York federal court that the company’s top brass knew of alleged robosigning of foreclosures and a host of other mortgage-related irregularities when it acquired Countrywide Financial Corp. but ignored them, exposing it to major liabilities.

Richard Delman’s derivative suit accuses Bank of America’s executives and board members of turning a blind eye to red flags in its mortgage portfolio following its purchase of Countrywide in 2008, a failure that precipitated the bank’s alleged robosigning, or automatic...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Delman v. Gifford et al


Case Number

1:11-cv-06749

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

William H. Pauley, III

Date Filed

September 27, 2011

Companies

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.