Bank of America seeks to dismiss U.S. mortgage bond lawsuits

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Bank of America seeks to dismiss U.S. mortgage bond lawsuits

Bank of America seeks to dismiss U.S. mortgage bond lawsuits

_Yeah ok!

Reuters-

Bank of America asked a federal court on Friday to throw out two U.S. government lawsuits accusing the nation’s second-largest bank of defrauding investors during the financial crisis.

The Department Of Justice and the Securities and Exchange Commission had accused the bank in lawsuits filed in August in its Charlotte, North Carolina hometown of fraud in its sale of $850 million of residential mortgage-backed securities.

Such securities fraud cases are usually brought under the securities laws, under which authorities must prove that a defendant intended to break the law.

[REUTERS]

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