Tomahawk, WI 06/20/2014 (Basicsmedia) – Bank Of America Corporation (NYSE:BAC) was not be up to snuff to prevail the dismissal of a U.S. Justice Department lawsuit the last month. The lawsuit was the one in which the bank was accused of hoodwinking its investors about the loans worth $850 billion regarding the residential mortgage-backed securities.
U.S. District Judge Max O. Cogburn Jr. in Charlotte, North Carolina, ruled out the earlier decision and has asked the Justice Department to revise the suit, and has given a timeline of 30 days to file its revised appeal. Previously the suit was dismissed in the previous judgment given by the magistrate judge, as he found that government’s complaint was incomplete.
BofA Yet To Face Another Mortgage Lawsuit
Bank Of America Corporation (NYSE:BAC) is still not out of the first lawsuit and the news is that the bank may have to defy yet a further lawful pester as a New York petitions court espouses a former verdict against one of its unit. As per the resources, Merrill Lynch Mortgage Lending Inc will have to face a lawsuit filed by a couple of trusts a couple of years back. These trusts are responsible for managing the mortgages on behalf of investors who have invested an aggregate of more than $1 billion of the total securities guaranteed against the loans.
According to the proceedings filed in the New York Supreme Court in Manhattan, the company is constrained to repurchase the purportedly substandard loans.
High Profile Movements
Bank Of America Corporation (NYSE:BAC) has been observing some movements at its high profile management level. William Egan, the co-head of bank’s global financial institutions group, has quit from his post and would be joining Oaktree Capital Group LLC. He would be appointed for a leadership role in a new life insurance company there. On the other hand BofA has appointed Mike Bitterly as the head of affluent segment and strategy for their future endeavors.