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-Judge asks BofA to face charges over insurance kickbacks.

Global Banking News-April 15, 2013--Judge asks BofA to face charges over insurance kickbacks(C)2013 ENPublishing - http://www.enpublishing.co.uk

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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Publication:Global Banking News (GBN)
Date:Apr 15, 2013
Words:129
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