Economy
In reply to the discussion: Weekend Economists Waiting for FDR July 13-15, 2012 [View all]Po_d Mainiac
(4,183 posts)July 11 (Reuters) - A federal judge refused to dismiss a lawsuit accusing Bank of America Corp of misleading shareholders about its exposure to risky mortgage securities and its dependence on an electronic mortgage registry known as MERS.
U.S. District Judge William Pauley in Manhattan said shareholders led by a Pennsylvania school pension fund may pursue securities fraud claims against the second-largest U.S. bank to recover billions of dollars of alleged losses.
Pauley said the allegations raised a "strong inference" that Bank of America intended to mislead about its reliance on the registry, vulnerability to mortgage buyback claims, internal controls and compliance with accounting and securities rules.
http://www.reuters.com/article/2012/07/11/bankofamerica-mers-shareholder-lawsuit-idUSL2E8IB9IU20120711
Holder may be w8ing for the statute of limitations to expire, but the fuckees may be starting to show life. Put-backs can, and will kill the banksters if the courts don't soon get purchased.
Holder's former firm had a heavy hand in the creation of MERS. (perhaps Holder did also..dunno) So you know there will be a top heavy move to squash these suits. (robogate come to mind?) But the litigation attorneys smell blood. State pension funds have been fleeced. It may be a slow motion train wreck in the making, but it's still gonna be a wreck.