Bank of America accused of misleading investors

CHARLOTTE, N.C. – Aug. 7, 2013 – Federal prosecutors announced a civil lawsuit Tuesday against Bank of America for allegedly failing to disclose risks and misleading investors in a $850 million mortgage-bond deal offered in 2008.

The federal court complaint alleged that the bank lied to investors about the relative riskiness of the mortgage loans that backed the securities, made false statements and filled the offering with a disproportionate amount of risky home loans originated through third-party brokers.

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