Judge Endorses Use of Fraud Law Against Bank of America

Raymond, Nate
August 2013
Banking Strategies Daily;8/20/2013, p3
The article reports on the endorsement of U.S. District Judge Jed Rakoff of a broad interpretation of a savings and loan law that the Justice Department attempted to use in fraud case against banks in New York City. It notes that the Financial Institutional Reform, Recovery and Enforcement Act (FIRREA) allows the interpretation that the government sought. It also mentions that the FIRREA has a low burden of proof, strong subpoena power, and a 10-year statute of limitations.


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