Judge rules Bank of America CEO Brian T. Moynihan must testify in MBIA case

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Judge rules Bank of America CEO Brian T. Moynihan must testify in MBIA case

Judge rules Bank of America CEO Brian T. Moynihan must testify in MBIA case

Good! Maybe we can get them all… one by one to testify!

Reuters-

A New York judge has ruled that Bank of America (BAC.N) CEO Brian Moynihan must testify in a lawsuit brought by bond insurer MBIA Inc.(MBI.N) which claims the bank fraudulently induced it to insure risky mortgage-backed securities.

The judge said Moynihan could provide relevant testimony in the case due to his position as CEO, former president of investment banking and the fact that he oversaw the process of integrating Countrywide into Bank of America.

Bank of America acquired mortgage lender Countrywide in July 2008. MBIA filed a Countrywide later that year. In 2009, MBIA claimed Bank of America was liable for Countrywide’s conduct.

[REUTERS]

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