BofA Says Feds' $850M MBS Fraud Case Falls Short

Law360, Los Angeles (November 8, 2013, 9:05 PM EST) -- Bank of America NA and affiliates on Friday asked a North Carolina federal judge to toss two lawsuits brought against them by the U.S. Department of Justice and the U.S. Securities and Exchange Commission for allegedly defrauding investors with the sale of $850 million in mortgage-backed securities, saying the agencies hadn't stated a claim.

BofA, in separate motions filed Friday, asked the court to dismiss the suits for failure to state a claim, saying the DOJ’s complaint has the “familiar ring" characteristic of prospectus-based fraud claims....
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