BofA Can't Escape Reinsurance Pay-To-Play Class Action

Law360, New York (April 11, 2013, 6:33 PM EDT) -- A Pennsylvania federal judge on Thursday refused to cut Bank of America NA from a proposed class action alleging it reaped millions of dollars in illegal referrals from private mortgage insurers, saying the court needs more evidence to determine if the suit is time-barred.

Bank of America argued that the suit, which was filed in 2012 under the Real Estate Settlement Procedures Act, missed the statute's one-year statute of limitations period because the suit's claims started running in 2005 and 2007. But U.S. District Judge Berle...
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