Legal News

Bank of America Asks Judge to Throw Out Jury Verdict in Fraud Case
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

 

bankofamerica

Summary: Bank of America has asked a judge to throw out the jury verdict against it that resulted in a penalty of $1.27 billion in relation to bad mortgages. 

  
What
Where


On Thursday, Bank of America Corp asked a federal judge to throw out a jury verdict that found the bank liable for fraud due to defective mortgages sold by the unit known as Countrywide, according to Reuters. The jury verdict resulted in a penalty of $1.27 billion.

U.S. District Judge Jed Rakoff was asked by the bank in Manhattan to rule in its favor as a matter of law or to order a new trial. The bank argued that the evidence presented at the trial did not support the verdict from the jury that was issued in October of 2013.

According to the bank, prosecutors were required to prove the loans originated by Countrywide Financial Corp in the ‘Hustle’ process were also sold to government mortgage groups Fannie Mae and Freddie Mac and that they were not as strong as promised by the lending agency.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




“The trial evidence, even viewed in the light most favorable to the government, did not prove fraud under this standard,” the lawyers for Bank of America wrote.

The office for Preet Bharara, the Manhattan U.S. Attorney, did not comment, but is expected to respond by September 18.



The lawsuit filed against Bank of America was centered around the “High Speed Swim Lane,” or HSSL or Hustle. This began in 2007 at Countrywide, according to the government. Bank of America acquired Countrywide in 2008.

Bank of America was found liable for fraud last year by a jury along with former Countrywide executive Rebecca Mairone. Mairone was ordered to pay $1 billion.



 

RELEVANT JOBS

Litigation Attorney

USA-CA-San Rafael

J Supple Law, PC is a litigation law firm specializing in defending liability claims against all asp...

Apply now

Deputy Chief Litigation Counsel

USA-KS-Topeka

Job Responsibilities may include but are not limited to the following: Evaluating issues an...

Apply now

Associate Attorney

USA-CA-Corning

The Stroud and Ludwig Law Firm, formally TravisStroudLaw Firm, is looking for an Associate Attorney....

Apply now

Associate Attorney

USA-NV-Las Vegas

Description Our private law practice is seeking an associate lawyer for our litigation department...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Real Estate Closings and Matrimonial Law Associate Attorney

USA-NY-Garden City

Garden City office of our client seeks associate attorney with 5+ years of experience in real estate...

Apply Now

Family Law Attorney

USA-AR-North Little Rock

North Little Rock office of our client seeks lawyer with family law experience.

Apply Now

Litigation Associate Attorney

USA-WA-Seattle

Seattle office of a BCG Attorney Search Top Ranked Law Firm seeks litigation associate attorney with...

Apply Now

SEARCH IN ARCHIVE

To Top