BofA To Settle SEC Fraud Suit Over $850M In RMBS

Law360, Los Angeles (August 22, 2014, 9:50 PM ET) — Bank of America Corp. and subsidiary Merrill Lynch will settle a lawsuit brought by the U.S. Securities and Exchange Commission alleging the bank defrauded investors in the sale of $850 million in residential mortgage-backed securities, according to a motion for a stay filed in North Carolina federal court on Friday.

The bank and the SEC asked the court for a stay of proceedings while they finalize the deal, according to court records. Terms of the settlement were not immediately disclosed. The parties set a 60-day deadline to…

 

Source: Law360

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s