September 24, 2013
Bank of America Corp. unit Countrywide Financial Corp. issued thousands of bad mortgages then sold them to Freddie Mac and Fannie Mae, government lawyers told jurors Tuesday, opening a long-awaited fraud trial against the bank.
September 23, 2013
October is shaping up to be an eventful month in the securities bar, with trials scheduled in high-profile government actions against Bank of America Corp., Dallas Mavericks owner Mark Cuban and five former employees of Bernie Madoff’s collapsed firm.
August 19, 2013
U.S. District Judge Jed Rakoff on Monday explained his decision not to dismiss a $1 billion mortgage fraud suit against Bank of America, saying that plain language of the Financial Institutions Reform Recovery Enforcement Act allows civil prosecutors to go after "self-affecting" fraud at federally insured financial institutions.
August 13, 2013
Evidence shows that a Bank of America Corp. unit deliberately wrote and sold faulty mortgages in the run-up to the financial crisis, government lawyers argued Tuesday, asking a New York federal judge to let their $1 billion fraud case against the bank go to trial.
August 07, 2013
The federal government was bluffing when it sued Bank of America Corp. for $1 billion and accused it of selling defective mortgage loans to Fannie Mae and Freddie Mac through a fraudulent origination program, the bank said in a New York federal court Wednesday.
May 08, 2013
A controversial legal theory at the heart of a $1 billion mortgage fraud suit against Bank of America Corp. could become a go-to enforcement tool for civil prosecutors in the wake of a New York federal judge's surprise ruling Wednesday, experts say.
May 08, 2013
U.S. District Judge Jed Rakoff on Wednesday pared a $1 billion mortgage fraud suit against Bank of America Corp., dismissing False Claims Act allegations but allowing civil prosecutors to seek penalties under a controversial 1989 law designed to protect banks from fraud.
May 06, 2013
Prosecutors have seized on an obscure 1989 law to launch a series of splashy cases against banks in recent years, but a prominent New York federal judge with a penchant for scrutinizing government actions could soon reverse the trend in a $1 billion mortgage fraud suit against Bank of America Corp.
April 29, 2013
A federal judge on Monday indicated that he had doubts about an aspect of the government's $1 billion suit against Bank of America Corp. over allegedly bad mortgages, questioning its novel use of a law designed to protect banks from fraud.
April 12, 2013
Bank of America Corp. again urged a New York federal judge on Thursday to dismiss a $1 billion False Claims Act suit against the bank over junk mortgage loans, arguing that the U.S. government's allegations of a fraud scheme are too vague and relied on misinterpretations of federal law.