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Bank of America Faces New Lawsuit

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A new securities fraud lawsuit has been filed against Bank of America Corp., by former Countrywide Financial Corp., investors yesterday in a Los Angeles federal court, alleging BoA mislead shareholders about finances and lending practices.

This comes after Bank of America agreed to pay $8.5 billion settlement over disputes regarding defective Countrywide mortgages. A U.S. District Judge approved the class action settlement, in which $22.5 million was set aside for separate cases after 30 members of the class action withdrew. Plaintiffs can withdrawal from a class action to seek more money in individual lawsuits.

According to the lawsuit, plaintiffs include the California Public Employees Retirement System, and funds managed by BlackRock Inc., T. Rowe Price Group Inc., and TIAA-CREF, who rejected a $624 million settlement last year, saying the terms were inadequate, Boston.com has reported.

An attorney for the investors said in an email that the group hopes to maximize their returns in a jury trial.

 

 

breakinglawsuitnews.com disclaimer: This article: Bank of America Faces New Lawsuit was posted on Wednesday, August 3rd, 2011 at 7:09 pm at breakinglawsuitnews.com and is filed under Fraud Lawsuits.

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