BofA Didn't Dupe Investors On MBS Losses: Judge

Law360, New York (February 9, 2012, 7:34 PM EST) -- A New York federal judge on Thursday recommended the dismissal of a putative class action alleging Bank of America Corp. reaped $15.8 billion in three 2008 stock offerings without disclosing massive losses in the secondary mortgage market.

U.S. Magistrate Judge Henry B. Pitman issued an 80-page decision recommending that the lawsuit by NECA-IBEW Pension Trust Fund be dismissed without prejudice. The suit names BofA, 18 individual BofA executives and directors, and the securities arms of seven other major financial firms that underwrote the offerings.

According to...
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