Rakoff Gives DOJ License To Be Bold In Bank Crackdown
Law360, New York (August 20, 2013, 7:34 PM EDT) -- U.S. District Judge Jed S. Rakoff's expansive Monday opinion backing the federal government's $1 billion mortgage fraud suit against Bank of American Corp. leaves the U.S. Department of Justice wide latitude to use its favorite financial fraud tools in cases linked to the recent financial crisis.
Judge Rakoff's opinion expanded his May decision allowing the Justice Department's October suit against Bank of America over lending practices during the housing bubble and financial crisis to move forward under the Financial Institutions Reform Recovery Enforcement Act, while also explaining why portions of its case using the False Claims Act failed.
The ruling, which...
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