BofA seeks 'Hustle' re-trial

Bank Of America Corner Signs

Bank of America on Thursday asked a federal judge to throw out a jury verdict finding it liable for fraud over defective mortgages sold by its Countrywide unit that resulted in a $1.27bn penalty.

Reuters reports the bank urged U.S. District Judge Jed Rakoff in Manhattan to rule for it as a matter of law or order a new trial, arguing that the evidence at trial did not support the jury's October 2013 verdict.

Bank of America said prosecutors were required at trial to prove that loans originated by Countrywide Financial Corp in a process called 'Hustle' that were then sold to government mortgage finance giants Fannie Mae and Freddie Mac were not as good as the lender represented.

'The trial evidence, even viewed in the light most favourable to the government, did not prove fraud under this standard,' the bank's lawyers wrote.

Hit the link below to access the complete Reuters article:

Bank of America seeks to void verdict in $1.27 billion 'Hustle' case

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