The U.S. Department of Justice on Tuesday filed suit against Bank of America Corp. and its affiliates, accusing them of lying to investors about the riskiness of residential mortgage-backed securities. In a parallel civil action, the U.S. Securities and Exchange Commission filed a lawsuit [PDF] lodging similar allegations.
The Justice Department complaint [PDF], 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 certain securities sold in 2008.
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