BofA Says 'Finder's Fee' Class Action Falls Flat

Law360, New York (July 10, 2012, 9:38 PM EDT) -- Bank of America NA on Monday asked a Maryland federal judge to dismiss a putative class action alleging it engaged in a collaborative scheme with Academy Mortgage LLC to charge unlawful "finder's fees" to borrowers in connection with their mortgage transactions.

The lawsuit accuses the bank of violating Maryland's Finder's Fee Act, a 1979 law that makes it illegal for a mortgage broker that also acts as a mortgage lender to collect a finder's fee. The suit says the bank violated the law by supplying the...
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