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Wednesday, March 30, 2011

Bank of America (BAC) Sued Again Over Foreclosure Practices

Bank of America Corp. (NYSE:BAC) is again the recipient of a lawsuit related to foreclosure practice, this time from shareholders asserting the bank didn't "properly record many of its mortgages when originated or acquired, which severely complicated the foreclosure process when it became necessary.”

Not only was the paperwork in disarray, claim the shareholders, bu the bank allegedly also concealed the number of workers available to process the huge number of foreclosed loans was insufficient.

Consequently, they claim that resulted in the drop in price of shares of Bank of America by 42 percent after the issues were made public.

The giant bank is accused of breaching fiduciary duty, wasting corporate assets and mismanagement, according to the complaint.

Bank of America closed Tuesday at $13.35, falling $0.02, or 0.15 percent.

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