-Judge asks BofA to face charges over insurance kickbacks.
Global Banking News - 15 April 2013
Bank of America Corp (NYSE: BAC), considered to be the second- largest US lender by assets, has been asked by a judge to face claims by homeowners that it took kickbacks from private insurers.
US district judge Berle Schiller rejected the bank's plea that the lawsuit could not be continued because the statute of limitations had expired on the claims.
The suit claims that the bank collected money from private mortgage insurance providers to refer customers under its pay-to-play reinsurance scheme.
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