In Fraud Suits Filed by DOJ and SEC, Bank of America Tries a Defense They Themselves Often Dismiss – Phil Stein

By | LXBN | August 22, 2013
The Department of Jusitce and the SEC have recently filed suits against Bank of America for allegedly defrauding buyers of its mortgaged-backed securities back in 2008. A Bank of America spokesman has responded by saying, essentially, the buyers were sophisticated enough to know better and had access to plenty of data on them. View Full Post
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About the $2.43 Billion BofA/ Merrill Lynch Merger Securities Suit Settlement

By | The D & O Diary | October 1, 2012
In what is by far the largest settlement of a credit crisis-related securities class action lawsuit, Bank of America has agreed to pay $2.43 billion to settle the suit filed against the company and certain of its directors and officers in connection with the bank’s financial crisis-driven acquisition of Merrill Lynch. View Full Post
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Bank of America Lowers Reserves in Response to Buy-Back Demands

By | Mortgage Crisis Watch | May 3, 2012
Bank of America has lowered its reserves established for payments in response to mortgage buy-back demands. The announcement, coming in the banking giant’s quarterly earnings report, indicates BofA set aside less money in the first quarter of 2012 to cover the cost of “repurchase” demands than it had at any time since the housing bust. View Full Post
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Mortgage Loan Repurchase Claims: Not That Different from Other Contract Claims

By | Mortgage Crisis Watch | April 13, 2012
As most correspondents/originators are now painfully aware, aggregator banks are unleashing a barrage of “repurchase” or “make whole” claims related to loans sold by the correspondent years ago. The aggregators cite supposed loan level breaches of representations and warranties in the applicable mortgage purchase and sale agreement or in the correspondent/originator guidelines. View Full Post
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SEC Responds to a Series of Requests for No-Action Letters Addressing Shareholder Proxy Access

On Wednesday, March 7, 2012, the SEC’s Division of Corporate Finance responded to a series of No-Action Requests regarding issues under Exchange Act Rule 14a-8 (under which eligible shareholders are permitted to require companies to include shareholder proposals regarding proxy access procedures in company proxy materials). View Full Post
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