Bank of America, U.S. Bancorp must face mortgage-bond suit, Bloomberg says

theflyonthewall.com

U.S. District Judge Katherine Forrest in Manhattan ruled that Bank of America (BAC) and U.S. Bancorp (USB) must face some claims in a lawsuit brought by a pension fund that contends the banks failed in their responsibilities to protect mortgage-bond investors, reports Bloomberg. That means that the Policemen’s Annuity and Benefit Fund of the City of Chicago can pursue some of the allegations made in its suit while other claims against the banks were dismissed.

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