RICO Reinsurance Kickback Suit Is Time-Barred, BofA Says
By Caroline Simson (March 9, 2015, 7:31 PM EDT) -- Bank of America Corp. on Friday asked a Pennsylvania federal judge to dump a proposed class action over alleged kickbacks garnered from overpriced mortgage insurance, saying the Racketeer Influenced and Corrupt Organizations Act suit is nothing more than a rehashed version of another suit that was dismissed as time-barred by the Third Circuit in October.
The bank argued that the plaintiffs' "boilerplate" allegations that it actively concealed the scheme from them, despite their due diligence, didn't hold water. Not only did the plaintiffs not explain how they had diligently attempted to uncover the scheme — which would toll the statute of limitations...
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