$1B BofA Mortgage Suit OK'd Under Controversial Fraud Law

By Max Stendahl ( May 8, 2013, 3:56 PM EDT) -- U.S. District Judge Jed Rakoff on Wednesday pared a $1 billion mortgage fraud suit against Bank of America Corp., dismissing False Claims Act allegations but allowing civil prosecutors to seek penalties under a controversial 1989 law designed to protect banks from fraud....

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