BofA's Suit Over Taylor Bean Fraud Allowed by Judge to Proceed

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BofA’s Suit Over Taylor Bean Fraud Allowed by Judge to Proceed

BofA’s Suit Over Taylor Bean Fraud Allowed by Judge to Proceed

The pot calling the kettle black


Business Week-

Bank of America Corp. (BAC) won a federal judge’s permission to proceed with some claims against the Federal Deposit Insurance Corp. over $1.75 billion in corporate client losses stemming from a mortgage-fraud scheme at failed lender Taylor, Bean & Whitaker Mortgage Corp.

U.S. District Judge Barbara Rothstein, in a 73-page opinion issued yesterday in Washington, said that the bank’s fraud claim against the FDIC is among those that will proceed to discovery. The judge also allowed some FDIC counterclaims against Bank of America to move forward.

[BUSINESS WEEK]

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