BofA Board Dodges Investor Suit Over Foreclosure Practices

Law360, Wilmington (February 4, 2013, 5:15 PM EST) -- A Delaware judge on Monday tossed a shareholder derivative lawsuit against Bank of America Corp.’s board over its alleged failure to correct widespread illegal mortgage foreclosure practices, finding that the plaintiffs did not properly investigate their claims.

Chancellor Leo E. Strine dismissed the complaint in a bench ruling after a brief hearing in Delaware Chancery Court, where he faulted the shareholders for making vague allegations of bad faith conduct against the BofA directors without first obtaining internal records from the banking giant to bolster those claims....
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