News & Analysis as of

Bank of America Fraud Department of Justice (DOJ)

Thomas Fox - Compliance Evangelist

Compliance Program Use of Data Analytics

Matt Galvin, Counsel, Compliance & Data Analytics at the DOJ and one of the experts leading the DOJ’s data analytics initiative, highlighted in another talk, the proactive use of data to generate cases related to the FCPA and...more

Dorsey & Whitney LLP

Second Circuit Deals Blow to Government’s Use of FIRREA as an Enforcement Tool

Dorsey & Whitney LLP on

When does a breach of contract amount to fraud? Last week the Second Circuit answered this question and reversed a $1.27 billion judgment against Bank of America and a $1 million judgment against a former executive for their...more

Bilzin Sumberg

Fraud Verdict Against Countrywide & BofA Upheld

Bilzin Sumberg on

BofA’s “hustling” attempt to overturn a $1.27 billion judgment against it and Countrywide—along with the individual defendant identified in the next paragraph, the “Defendants”—in the U.S. District Court for the Southern...more

Bilzin Sumberg

BofA’s Countrywide Found Responsible For Defrauding Fannie Mae & Freddie Mac

Bilzin Sumberg on

A federal jury ruled yesterday that Countrywide, now owned by Bank of America, defrauded Fannie Mae and Freddie Mac by selling them defective mortgages in advance of the great financial crisis of 2008. A former Countrywide...more

Orrick - Finance 20/20

SEC and DOJ File Parallel Civil Suits Alleging BofA Defrauded RMBS Investors

Orrick - Finance 20/20 on

On August 6, the SEC and the U.S. Department of Justice filed parallel civil suits against several Bank of America affiliates, alleging that the bank defrauded investors in connection with its packaging and sale of US$850...more

Bilzin Sumberg

DOJ and SEC File Suits Against Bank of America

Bilzin Sumberg on

Stop me if you have heard something like this before. The Department of Justice announced a civil lawsuit on Tuesday alleging that Bank of America defrauded buyers of mortgage-backed securities by lying about the quality of...more

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