Claims Accusing Bank of America of Engaging in Mortgage Reinsurance Scheme are Not Time Barred, Judge Rules

PHILADELPHIA — Claims accusing Bank of America of violating the Real Estate Settlement Procedures Act by engaging in a mortgage reinsurance scheme are not barred by the act’s one-year statute of limitations because plaintiffs adequately alleged fraudulent concealment, a federal judge has ruled.

On April 11, Judge Berle Schiller of the U.S. District Court for the Eastern District of Pennsylvania further held that the statute of limitations is subject to equitable tolling because the act is not jurisdictional.

Thomas Riddle, Marilyn Fischer and Jeffrey Stanton filed a class action lawsuit against Bank of America Corp., Bank of America N.A. and …