Judge Rakoff endorses use of fraud law against Bank of America

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Judge Rakoff endorses use of fraud law against Bank of America

Judge Rakoff endorses use of fraud law against Bank of America

RAKOFF/SCHACK 2016!!


Yahoo-

A federal judge has endorsed a broad interpretation of a savings-and-loan era law that the 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 application of the plain words” of the Financial Institutional Reform, Recovery and Enforcement Act (FIRREA) allowed the interpretation sought by the government.

The law has a low burden of proof, strong subpoena power and a 10-year statute of limitations, twice as long as the typical limit for fraud cases. Rarely asserted until recently, it has become the basis of three lawsuits by lawyers under Manhattan U.S. Attorney Preet Bharara against banks including Bank of America Corp, Wells Fargo & Co and Bank of New York Mellon Corp.

[YAHOO]

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