Pa. Judge Dismisses Suit Accusing Bank of America of Engaging in Reinsurance Scheme

PHILADELPHIA — A suit accusing Bank of America of violating the Real Estate Settlement Procedures Act by engaging in a mortgage reinsurance scheme is time-barred under the act’s one-year statute of limitations, a Pennsylvania federal judge has ruled.

On Nov. 18, Senior Judge Berle Schiller of the U.S. District Court for the Eastern District of Pennsylvania dismissed the action, finding the doctrine of equitable tolling does not apply because plaintiffs failed to show defendants fraudulently concealed the nature and existence of the claims.

Thomas Riddle and Marilyn Fischer, individually and on behalf of a putative class, alleged that their mortgage …