Free Newsletter
Appeals court reverses fraud finding against Bank of America
The Associated Press//May 23, 2016//
Listen to this articleNEW YORK (AP) — A federal appeals court has reversed a jury’s finding that Bank of America Corp. was liable for fraud for its actions before the economy collapsed in 2008. It also negated a more than $1.2 billion penalty imposed after trial.
The 2nd U.S. Circuit Court of Appeal in New York City ruled Monday. The court says there was insufficient evidence that mail and wire fraud was committed by the bank’s Countrywide Financial unit in late 2007 and 2008.
A jury in October 2013 had found the bank liable after the government said Countrywide lied about the quality of mortgages it passed along to financial firms Fannie Mae and Freddie Mac.
The Manhattan court said there was insufficient evidence for the jury to reach its verdict.
Latest News
- Construction jobs rise in 38 states including North Carolina and Texas
- ATTOM reports home flipping profits lowest since great recession
- Carolina commercial leads $18 million revitalization of biggs park mall in Lumberton
- Lucern Capital Partners Completes $12.3 Million Sale of Fully Leased Crosslake Park
- Average single-family home property tax bill rose 3 percent in 2025
- Cavella opens pre-leasing for 307-home community in charlotte north end
- Construction Spending Dips 0.3 Percent In January As Weakness In Private Residential And Nonresidential Investment Offsets Public Outlay Gains
- CBRE Facilitates Sale of Greylyn Business Park Industrial Portfolio in Charlotte
- ATTOM report finds homes remain largely unaffordable in US counties Q1 2026
- Rising fuel and metals costs increase construction material prices in February 2026
- M/I Homes to launch nearly 300 new homes in Charlotte and Hickory in 2026
- Red cedar construction secures $75m from L.M. sandler to expand build-to-rent platform
Features
- JLL strengthens Charlotte capabilities with top Agency Leasing team hire from Foundry Commercial
- Thomas & Hutton Grows Charlotte Team With Two New Team Members
- Nick Schirato Joins Thomas & Hutton As An Environmental Designer In Charlotte
- Foundry Taps Alex Olofson to Lead Capital Markets Growth in Charlotte
- Tony Lathrop Strengthens Parker Poe’s Infrastructure, Transportation & Public Policy Services
- MVA Expands Economic Development & Incentives Group, Appoints Beth Buckner as Head
- Thomas & Hutton Announces Kaylee Neal’s Professional Engineer Licensure In North Carolina
- Thomas & Hutton Announces Sixth-Generation Leadership Transition as Firm Enters 80th Year
- Movement Mortgage welcomes Justin Caplan as East Coast Growth Director
- Ki McCaskill Joins Thomas & Hutton As Survey Technician In Charlotte
- Brittany Bowens Joins Weichert, Realtors® – LKN Partners
- CBRE Bolsters Retail Services Platform in Charlotte with Senior Hire
Polls
Loading ...