(Reuters) - Bank of America Corp was hit with a lawsuit on Wednesday claiming the lending giant hid foreclosure problems that eventually led to a decline in its share price.
The suit, a proposed class action, says Bank of America concealed defects in the recording of mortgages, which harmed investors when the company had to temporarily discontinue foreclosures last fall.
"We are reviewing the lawsuit and have no further comment at this time," said Bank of America spokeswoman Shirley Norton.
Along with other lenders like JPMorgan Chase & Co and Wells Fargo, Bank of America has been the subject of scrutiny over its foreclosure practices.
Read on.
No comments:
Post a Comment