Judge Endorses Fraud Law Against Bank of America Corp (NYSE:BAC)


Dallas, Texas 08/20/2013 (Financialstrend) – A federal judge went about endorsing a widespread perception of a savings and loan era that The Justice Department wants to use in cases against Wall Street banks.

Judge of the U.S District Jed Rakoff in Manhattan said that a straightforward application of plain words of the Financial Institutional Reform, Recovery and Enforcement Act has helped the interpretation sought by the government.

The law is incorporated with strong subpoena power, low burden of proof and a 10 year statute of limitations which are twice as long as the typical limit for cases of scams.

The latest of all decisions have come in a case against the Bank of America for toxic mortgages which the Justice Department filed last October. The government’s case that is due for trial on September 23 is aimed at a program instituted in 2007 by countrywide called “High Speed Swim Lane” also popular as Hustle.

Jed Rackoff in May issued a brief order aimed at dismissing some of the claims but largely allowing the case to pursue.

The law renders the government with powers to pursue civil penalties against those who commit frauds which affect a federally insured financial institution.

Bank of America Corp (NYSE:BAC) To Chair The Us Hispanic Chamber Of Commerce 2013 National Convention

The Bank of America Corp (NYSE:BAC) has been announced as the corporate Chair for the United Nations Hispanic Chamber of Commerce’s 34th National Convention to be held at the Historic Downtown Hilton in Chicago between September 15 and September 17 this year.

Bank of America has bagged this esteemed opportunity owing to its excellent record for launching activities aimed at helping the Nation’s Diverse Owned businesses and underserved communities.

USHCC President and CEO Javier Palomarez said that they are honoured to have Bank of America in such an imperative leadership role in this convention which is predicted to their most successful one till date.