Wells Fargo Says BofA Ruling Doesn't Help US Fraud Case

Law360, New York (August 22, 2013, 5:01 PM EDT) -- A recent court ruling allowing civil prosecutors to sue Bank of America Corp. under a 1989 fraud law should not aid the government in a similar action alleging Wells Fargo Bank NA defrauded a federal mortgage insurance program, attorneys for Wells Fargo told a New York judge Tuesday.

Wells Fargo sought to contain the fallout from a Monday ruling by U.S. District Judge Jed Rakoff allowing the U.S. Department of Justice to pursue a $1 billion mortgage fraud suit against BofA under the Financial Institutions Reform,...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.