$850M BofA Fraud Case Should Stay Alive, Judge Says

Law360, Los Angeles (March 31, 2014, 10:25 PM EDT) -- A North Carolina magistrate judge on Monday recommended the rejection of Bank of America Corp.’s motion to dismiss an $850 million suit in which the U.S. Securities and Exchange Commission says the bank lied to investors about loans in a residential mortgage investment.

The SEC brought sufficient claims that the financial institutions that wrote, packaged and sold the loans to investors promising a low-risk place to put their money knew the loans weren’t as good as the banks were promising, U.S. Magistrate Judge David S. Cayer...
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Case Information

Case Title

Securities and Exchange Commission v. Bank of America, N.A. et al

Case Number



North Carolina Western

Nature of Suit



Max O. Cogburn, Jr

Date Filed

August 6, 2013

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