Rakoff Sends $1B BofA Fraud Case To Trial

By Evan Weinberger (August 27, 2013, 2:38 PM EDT) -- U.S. District Judge Jed S. Rakoff said Tuesday that the federal government's $1 billion case against Bank of America Corp. over alleged false statements it made to Fannie Mae and Freddie Mac could proceed to trial.

Judge Rakoff ruled that the government had raised enough issues in its October complaint against Bank of America and its Countrywide Financial Corp. unit that needed to be resolved through a trial and that at least one of the U.S. Department of Justice's claims should move forward.

"Upon full review of the parties' papers and oral arguments, the court concludes that there remain genuine factual...

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