Judge considers dismissing U.S. fraud case against Bank of America

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Judge considers dismissing U.S. fraud case against Bank of America

Judge considers dismissing U.S. fraud case against Bank of America

Shaking my head…


Reuters-

A federal judge on Wednesday said he would consider dismissing a U.S. Department of Justice lawsuit accusing Bank of America Corp (BAC.N) of civil fraud in the sale of mortgage securities that soured during the global financial crisis.

While not issuing a formal ruling, U.S. District Judge Max Cogburn said he had concerns and indicated at a hearing in Asheville, North Carolina that he might adopt the recommendation of a federal magistrate judge for a dismissal of the fraud claims tied to the $850 million (506.29 million pounds)sale of securities.

“DOJ may not have the evidence to try this as a fraud case,” Cogburn said.

[REUTERS]

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