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Post by bot on Aug 1, 2013 17:34:27 GMT -5
Justice Dept. to sue Bank of America over MBS WASHINGTON (MarketWatch) -- Bank of America said late Thursday in a filing to the Securities and Exchange Commission that it's been informed by the staff of the Department of Justice that the government intends to file civil charges against the bank arising from one or two jumbo prime securitizations. The staff of the SEC has advised that they intend to recommend civil charges concerning one of those securitizations, the bank added. Also, the staff of the New York Attorney General has advised that they intend to recommend filing an action against Merrill Lynch arising from their RMBS investigation. In addition, the staff of the SEC has advised that it is considering recommending civil charges against Merrill Lynch arising from its CDO investigation. Bank of America said it has been in active discussions with senior staff of each government entity in connection with the respective investigations and to explain why the threatened civil charges are not appropriate.
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