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BofA, Morgan Stanley must face fraud lawsuit over mortgage securities

reuters.com | August 2, 2016

By Karen Freifeld

Bank of America Corp and Morgan Stanley & Co must face a lawsuit alleging fraud in the sale of $32 million in notes from a collateralized debt obligation bundling toxic mortgage-backed securities.

In a decision filed on Friday, Justice Jeffrey Oing of New York state Supreme Court declined to dismiss the complaint, refusing to toss a claim that the banks misrepresented the quality of assets in the $500 million CDO issue and the risk of loss for the $32 million of notes the investors' purchased in 2007.




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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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