Judge Endorses Use Of Fraud Law Against Bank Of America

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Judge Endorses Use Of Fraud Law Against Bank Of America

by Wochit 0:56 mins

Judge Endorses Use Of Fraud Law Against Bank Of America

by Wochit 0:56 mins

A federal judge has endorsed a broad interpretation of a savings-and-loan era law that the Justice Department is trying to use in cases against Wall Street banks. U.S. District Judge Jed Rakoff in Manhattan said Monday that a "straightforward application of the plain words" of the Financial Institutional Reform, Recovery and Enforcement Act (FIRREA) allowed the interpretation sought by the government. The law has a low burden of proof, strong subpoena power and a 10-year statute of limitations, twice as long as the typical limit for fraud cases. Three years after President Barack Obama signed a sweeping overhaul of lending and high-finance rules, scores of regulations are yet to be written, let alone enforced. In a private meeting, the president prodded bank regulators to execute the law swiftly.

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