STORY FROM: Reinsurance & Arbitration
Pa. Federal Judge Dismisses RICO Claims in Mortgage Reinsurance Action
November 28, 2016
PITTSBURGH — A Pennsylvania federal judge has awarded Bank of America Corp. and its captive reinsurer summary judgment on Racketeer Influenced and Corrupt Organizations Act claims in a mortgage reinsurance kickback action, ruling that the claims are time-barred.
In a Nov. 22 order, Judge Cathy Bissoon of the U.S. District Court for the Western District of Pennsylvania concluded that the plaintiffs had sufficient information of possible wrongdoing to place them on “inquiry notice” or to excite “storm warnings” of culpable activity.
William Weiss, Robert Lessman, Ann Harrell and Eddie Harrell asserted class action claims against Bank of America Corp. (BAC), ...
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