Bank of America has a long, long way to go to escape the titanic litigation headache that it inherited with the acquisition of mortgage giant Countrywide Financial. But one case, at least, is now history.
In a characteristically lively decision delivered from the bench Monday, Delaware Chancery Court Chancellor Leo E. Strine Jr. dismissed a derivative suit alleging that BofA’s board knowingly took actions that led the bank to adopt illegal mortgage modification and foreclosure practices. Strine ruled that the case was woefully deficient, and he blasted the plaintiffs and their lawyers at Pomerantz Grossman Hufford Dahlstrom & Gross for not buttressing their claims with a pre-suit request for Bank of America’s books and records under Section 220 of the Delaware General Corporation Law. The transcript can be found at http://bit.ly/11WCL8g.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
