Bank of America Corp. must face the Justice Department’s lawsuit accusing the bank of misleading investors about the quality of loans tied to $850 million in residential mortgage-backed securities (United States v. Bank of Am. Corp., W.D.N.C.).
Judge Max O. Cogburn Jr. of the U.S. District Court for the Western District of North Carolina gave the government 30 days to revise the lawsuit after a magistrate judge earlier found the complaint deficient and recommended dismissal. Cogburn said in a June 19 ruling that the government hadn’t adequately supported claims that bank documents omitted key facts and included false ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.