Judge opens door for DOJ to crackdown on BofA
Gives license to use wide-range of financial fraud tools
U.S. District Judge Jed Rakoff unleashed an opinion in a major case against Bank of America (BOA), leaving the door open for the U.S. Department of Justice to use its favorite financial fraud tools to develop cases stemming from the housing bubble and subsequent financial meltdown. Law360 has more:
Judge Rakoff's opinion expanded his May decision allowing the Justice Department's October suit against Bank of America over lending practices during the housing bubble and financial crisis to move forward under the Financial Institutions Reform Recovery Enforcement Act.