BofA Wants Bank's 'Bait-And-Switch' MBS Claims Tossed

Law360, New York (October 4, 2013, 6:44 PM EDT) -- Bank of America Corp. asked a California federal judge on Friday to narrow Israel-based Bank Hapoalim BM’s suit regarding its alleged purchase of $517 million in rotten mortgage-backed securities, saying Bank Hapoalim can’t conduct an inquest into securitization practices based on proffered evidence it later renounced.

BofA and its Merril Lynch & Co. Inc. subsidiaries argued that Bank Hapoalim impermissibly used a data analytics report it now admits is useless to buttress its fraud allegations, move the case into discovery and embark on a “fishing expedition”...
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