STORY FROM: Reinsurance & Arbitration

Class Action Accusing Bank of Engaging in Mortgage Reinsurance Scheme Survives Motion to Dismiss

PITTSBURGH — A Pennsylvania federal judge has refused to dismiss a class action accusing Bank of America Corp. and its captive reinsurer of defrauding home mortgage borrowers into funding sham captive reinsurance arrangements, ordering limited discovery as to whether the claims are time-barred.

In a Dec. 22 order, Judge Cathy Bissoon of the U.S. District Court for the Western District of Pennsylvania further held that the plaintiffs have sufficiently pled RICO violations.

William Weiss, Robert Lessman, Ann Harrell and Eddie Harrell asserted class action claims against Bank of America Corp. (BAC), Bank of America, N.A. (BANA) and Bank of ...

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