RICO Class Action Against Bank of America Moves Forward
A federal judge has denied Bank of America Corporation's request to dismiss a RICO class action filed against it by home mortgage borrowers.
December 28, 2015 at 08:18 AM
4 minute read
A federal judge has denied Bank of America Corp.'s request to dismiss a RICO class action filed against it by home mortgage borrowers.
The plaintiffs in Weiss v. Bank of America alleged that Bank of America directed mortgage borrowers to private mortgage insurance providers in exchange for a kickback of the private mortgage insurance payment, funneled through their affiliated reinsurer, Bank of America Reinsurance Corp., according to the opinion filed by U.S. District Judge Cathy Bissoon of the Western District of Pennsylvania.
In its motion for dismissal, Bank of America argued that the plaintiffs' claims were time-barred because the four-year statute of limitations in the federal Racketeer Influenced and Corrupt Organizations Act had run when they closed their mortgages in 2006 and 2007. The plaintiffs filed their claims in 2015. Additionally, Bank of America claimed the plaintiffs failed to show that the statute could be tolled.
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