The Justice Department’s complaint, filed in the U.S. District Court for the Western District of North Carolina, accused Bank of America of making misstatements or failing to include information in materials given to investors and filed with the SEC about the quality of mortgages underpinning more than $850 million in securities sold in 2008.
“Today's filing marks the latest step forward in the Justice Department’s ongoing efforts to hold accountable those who engage in fraudulent or irresponsible conduct,” Attorney General Eric Holder Jr. said in a formal statement. The government “will continue to take an aggressive approach to combating financial fraud and uncovering abuses in the residential mortgage-backed securities market.”
