Bank of America Shareholders May Pursue Lawsuit Over MERS, Mortgages

BofA shareholders may pursue lawsuit over MERS, mortgages

(Reuters) – A federal judge refused to dismiss a lawsuit accusing Bank of America Corp (BAC.N) of misleading shareholders about its exposure to risky mortgage securities and its dependence on an electronic mortgage registry known as MERS.

U.S. District Judge William Pauley in Manhattan said shareholders led by a Pennsylvania school pension fund may pursue securities fraud claims against the second-largest U.S. bank to recover billions of dollars of alleged losses.

Pauley said the allegations raised a “strong inference” that Bank of America intended to mislead about its reliance on the registry, vulnerability to mortgage buyback claims, internal controls and compliance with accounting and securities rules.

Rest here…

Ruling below…

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4closureFraud.org

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BofA Ruling

Comments
3 Responses to “Bank of America Shareholders May Pursue Lawsuit Over MERS, Mortgages”
  1. Pamela Edwards says:

    Mine too and in the same state.Non-judicial foreclosure states are less protected and payed attention to than in judicial states.Key phrase is may pay attention,doesn’t mean it will happen means it may happen and if the bank has it’s way not at all.Our AG is as lame and corrupt as the rest of them and has no intention of doing anything for home owners in this state except to take us all to the cleaners as effectivley as possible.

  2. Ron Moss says:

    MERS ordered my forecloseure.in Washington state. Where are the classaction suits?

  3. Ron Moss says:

    So, What else is new?

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