fraud suit against Bank of America News

Jury Finds Bank of America Liable for Countrywide Mortgage Fraud

Bank of America Corp. was found liable for fraud on Wednesday over defective mortgages sold by its Countrywide unit, a major win for the U.S. government in one of the few trials stemming from the financial crisis. After a four-week …

Government Wins Bid to Apply FIRREA Fraud Law in Banks’ Mortgage Cases

A federal judge has endorsed a broad interpretation of a savings-and-loan era law that the U.S. Justice Department is trying to use in cases against Wall Street banks. U.S. District Judge Jed Rakoff in Manhattan said Monday that a “straightforward …

Bank of America Employees Could Face Charges in Mortgage Fraud Case

Bank of America Corp. employees could face civil fraud charges as part of a federal lawsuit accusing the bank of causing taxpayers more than $1 billion in losses by selling toxic mortgage loans to Fannie Mae and Freddie Mac, a …

Bank of America Settles Mortgage Fraud Lawsuit with Bond Insurer Syncora

Bank of America Corp. has agreed to pay $375 million to settle a case brought by bond insurer Syncora Guarantee over toxic mortgage-backed securities at the center of the 2008 financial crisis. Syncora sued Bank of America in 2009 to …

Judge Throws Out Investor Lawsuit Against Bank of America Over Mortgages

Bank of America Corp. on Thursday won dismissal of a lawsuit by investors who wanted the bank to buy back mortgage loans that underlie more than $1.06 billion of securities. The case is tied to risky home loans issued by …

Whistleblower Says BofA Defrauded Home Loan Remodification Program

Bank of America NA prevented homeowners from receiving mortgage-loan modifications under a federal program in order to avoid millions of dollars in losses while benefiting from financial incentives for participating in the program, according to a complaint unsealed in federal …

Ruling Boosts Bond Insurer MBIA’s Fraud Suit Against BofA’s Countrywide

A New York state judge made it easier for the bond insurer MBIA Inc. to pursue its $1.4 billion lawsuit accusing Bank of America Corp.’s Countrywide Financial unit of fraudulently inducing it to insure risky mortgage-backed securities. New York State …

Bank of America Reaches Settlement in Countrywide Case

Bank of America Corp. has reached a settlement with former Countrywide Financial Corp. institutional investors who decided not to join a $624 million class-action case that won court approval in February. The terms of the accord were not disclosed in …

AIG Fraud Suit Against Bank of America Won’t Be Moved to State Court

A federal judge rejected American International Group Inc.’s request to move its $10 billion mortgage fraud lawsuit against Bank of America Corp. back to a New York state court, where AIG believed the case belonged. U.S. District Judge Barbara Jones …