A federal judge has separated the wheat from the chaff in a class action alleging multiple violations by Bank of America in connection with mortgages it obtained in the acquisition of Countrywide Financial Corp. and representations it made on mortgage-backed securities during its efforts to repay the federal government for bailout loans during the financial crisis.
Southern District Judge William Pauley (See Profile) yesterday dismissed with prejudice claims under §11 of the Securities Act of 1933 against the bank and dozens of underwriters and individuals.
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