BofA Says $25B Deal Trumps Mortgage Insurance Qui Tam Suit
Law360, New York (January 6, 2014, 2:21 PM EST) -- Bank of America Corp. asked a California federal judge Friday to dismiss a whistleblower suit alleging it fraudulently obtained federal mortgage insurance by submitting loans based on inflated home appraisals, saying that a $25 billion 2012 settlement with the federal government freed the bank of liability.
In a motion to dismiss filed in federal district court in Los Angeles, Bank of America said whistleblower Brian Hastings has shown a "stubborn refusal" to acknowledge that the February 2012 National Mortgage Settlement covered any potential False Claims Act-based litigation related to Federal Housing Administration-provided insurance.
The bank paid an extra $1 billion to...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!