Dept. of Justice and SEC accuse Bank of America of Investor Fraud

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8th Aug 2013

The U.S. Department of Justice and the Securities and Exchange Commission filed parallel civil suits against Bank of America that accuse the bank of investor fraud in its sale of $850 million of residential mortgage-backed securities.

The suits accuse Bank of America of making misleading statements and failing to disclose important facts about the underlying mortgage pool to the securities which were sold in early 2008.

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