Business, Economics and Jobs

US files suit against Bank of America


Bank of America has not yet reached the levels of consumer relief it promised after its fraudulent mortgage services scandal.


John Adkisson

The US Justice Department on Tuesday filed suit against the Bank of America on charges of defrauding investors in the wake of the 2008 housing crisis, according to Reuters

The North Carolina-based bank is accused of misleading investors in the sale of over $850 million in residential mortgage-backed securities, reported Bloomberg

The lawsuit was filed at the US District Court in Charlotte, North Carolina, Reuters said, citing the Justice Department.