Prudential Slaps BofA With Fraud Suit Over $2B RMBS

Law360, New York (March 18, 2013, 6:11 PM EDT) -- The Prudential Insurance Co. of America has accused Bank of America NA and its subsidiaries of fraudulently selling the company more than $2 billion in residential mortgage-backed securities, according to a lawsuit filed Thursday in New Jersey federal court.

Prudential and several subsidiaries claim Bank of America and several of its Merrill Lynch entities purposefully misrepresented the quality of the residential mortgages underlying the securities and say that now, more than 26 percent of the mortgage loans that the companies securitized have been written off for...
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