CORRECTED: NY Jury Acquits Abacus Bank Of Larceny, Conspiracy Charges

Law360, Los Angeles (June 3, 2015, 10:36 PM EDT) -- A New York state jury on Wednesday acquitted Abacus Federal Savings Bank, which caters to Chinese-Americans in and around New York City, of grand larceny and conspiracy charges in a suit alleging it sold hundreds of fraudulent mortgage loans to Fannie Mae, a lawyer confirmed to Law360.

Thomas C. Rotko of Clayman & Rosenberg LLP, which is representing an Abacus executive who supervised the origin of the loans, confirmed that the bank was cleared on two charges and said his own client was acquitted on all charges. The jury was continuing to deliberate on a mortgage fraud charge against Abacus as...

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