BofA Dodges Class Suit Over 2008 MBS Risk Tally

Law360, New York (March 19, 2012, 3:08 PM EDT) -- A New York federal judge on Friday dismissed a putative class action alleging Bank of America Corp. duped investors about its risks in the secondary mortgage market in 2008, faulting the plaintiffs for claiming the bank’s opinion-based loss estimates were untrue.

The decision by U.S. District Judge Lewis Kaplan adopted a magistrate judge’s Feb. 9 recommendation to dismiss the case without prejudice. The defendants named in the suit were Bank of America, 18 individual Bank of America executives and directors and the securities arms of seven...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Montgomery v. Bank of America Corporation et al


Case Number

1:10-cv-00440

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Lewis A. Kaplan

Date Filed

January 18, 2010

Law Firms

Companies

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.