Bank of America fights court battle over purge of nearly 2 billion bank records

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Bank of America fights court battle over purge of nearly 2 billion bank records

Bank of America fights court battle over purge of nearly 2 billion bank records

  • At the heart of the dispute is the purge of 1.88 billion records. Bank of America, in a court filing, insists the records were copied, returned to the bank and still exist in its system.
  • Miami attorney Bruce Jacobs, a former prosecutor, says the bank got rid of loan records that he claims may have contained evidence of fraud.
  • Bank of America said he has it all wrong.

CNBC-

The nation’s second-largest bank is squaring off in a contentious court battle against a Miami real estate attorney who is accusing it of purging 1.88 billion records to conceal alleged fraud.

Bank of America, in a court filing, insists the records were copied, returned to the bank and still exist in its system.

But Bruce Jacobs, a former Miami-Dade County prosecutor, says the bank got rid of loan records he was seeking that he says may be evidence of fraud because the original records may have been altered by the bank.

“Bank of America thinks they’re untouchable,” Jacobs told CNBC. “They think they have so many zeroes in their bank accounts that they’re above the law.”

[CNBC]

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