BofA Says Feds' $1B Junk Mortgage Claims Too Vague

Law360, New York (April 12, 2013, 6:31 PM EDT) -- Bank of America Corp. again urged a New York federal judge on Thursday to dismiss a $1 billion False Claims Act suit against the bank over junk mortgage loans, arguing that the U.S. government's allegations of a fraud scheme are too vague and relied on misinterpretations of federal law.

The bank said in a filing Thursday that the government's application of the Financial Institutions Reform, Recovery Enforcement Act in its FCA suit “twist[s] the statutory language and purpose beyond recognition.” FIRREA is limited to fraud that...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.