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...
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