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Bank of America Corporation Message Board

  • berniecongress berniecongress Jul 29, 2011 12:00 AM Flag

    20 Billions, 30 Billions, 50 Billions, Pile On.

    Bank of America sued for securities fraud by CalPERS, BlackRock, others

    San Francisco Business Times - by Mark Calvey
    Date: Thursday, July 28, 2011, 4:26pm PDT -

    Related:Banking & Financial Services

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    Follow this company intensified Thursday with some of the nation’s biggest institutional investors suing the bank in federal court in Los Angeles. The investors allege securities fraud by Countrywide Financial, the troubled mortgage lender BofA purchased in 2008.

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    Follow this company , allege that Countrywide misled investors about its finances and lending practices.

    “These prominent institutional investors made every effort to amicably resolve their claims for recovery of damages caused by the massive and pervasive fraud at Countrywide without filing formal litigation, but were unsuccessful,” the investors’ attorney, Blair Nicholas, a partner at Bernstein Litowitz Berger & Grossmann Bernstein Litowitz Berger & Grossmann

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    Follow this company LLP, wrote in an e-mail to Bloomberg News. The investors hope to “maximize” their returns in a jury trial, he told the news service.

    The investors opted out of a $624 million settlement last year, calling it inadequate.

    Bank of America is also facing litigation over billions in mortgage-backed securities backed by faulty mortgages that investors are trying to put back onto the bank. BofA (NYSE: BAC) proposed an $8.5 billion settlement, which has prompted other investors to step forward to say that figure is inadequate. ...

 
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