Alleged Failure To Come Clean On Defects In Recording Mortgages Leads To Another Proposed Class Action Lawsuit Targeting BofA

In New York City, Reuters reports:

• Bank of America Corp was hit with a lawsuit on Wednesday claiming the lending giant hid foreclosure problems that eventually led to a decline in its share price. The suit, a proposed class action, says Bank of America concealed defects in the recording of mortgages, which harmed investors when the company had to temporarily discontinue foreclosures last fall. [...] The lawsuit in U.S. District Court, Southern District of New York is Pipefitters Local No. 636 Defined Benefit Plan v. Bank of America Corp et al., 11-cv-733.

For more, see Proposed class action targets BofA on foreclosures.