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MarketScreener Homepage  >  Equities  >  Nyse  >  Bank of America Corporation    BAC

BANK OF AMERICA CORPORATION

(BAC)
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Bank of America : Judge lets DoJ proceed with fraud case against Bank of America

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06/19/2014 | 11:54pm EDT
 A Bank of America sign is shown on a building in downtown Los Angeles, California

(Reuters) - A North Carolina judge ruled on Thursday that a Justice Department lawsuit against Bank of America Corp could move forward, allowing the complainant 30 days to file its amended petition.

The Department of Justice's lawsuit accuses Bank of America of civil fraud in the sale of mortgage securities that soured during the global financial crisis.

"The court need not reach far outside the complaint or be an expert in economics to take notice that it was the trading of toxic RMBS between financial institutions that nearly brought down the banking system in 2008," Cogburn wrote in an order.

At a hearing last week in Asheville, North Carolina, U.S. District Judge Max Cogburn said he would consider dismissing the lawsuit, saying the DoJ may not have the evidence to try this as a fraud case.

Cogburn had at that time also said he would consider allowing the DoJ to amend its complaint.

Representatives at the DoJ and a Bank of America spokesman did not immediately respond to emails seeking comment outside regular U.S. business hours.

Cogburn also ruled that a related lawsuit - by the U.S. Securities and Exchange Commission brought against Bank of America, can move forward.

(Reporting by Supriya Kurane in Bangalore; Editing by Gopakumar Warrier)

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION -2.94% 24.47 Delayed Quote.-30.52%
MAX CO., LTD. 2.65% 1591 End-of-day quote.-27.48%
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Financials (USD)
Sales 2020 86 727 M - -
Net income 2020 14 012 M - -
Net Debt 2020 - - -
P/E ratio 2020 15,4x
Yield 2020 2,96%
Capitalization 212 B 212 B -
Capi. / Sales 2020 2,44x
Capi. / Sales 2021 2,45x
Nbr of Employees 213 000
Free-Float 99,8%
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 28,42 $
Last Close Price 24,47 $
Spread / Highest target 55,3%
Spread / Average Target 16,1%
Spread / Lowest Target -6,01%
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Managers
NameTitle
Brian T. Moynihan Chairman, President & Chief Executive Officer
Catherine P. Bessant Co-COO & Chief Technology Officer
Thomas Kell Montag Co-Chief Operating Officer
Paul M. Donofrio Chief Financial Officer
Thomas J. May Independent Director
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