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       Appeals Court Tosses out $1.2 Billion Fine Against Bank of America

   by VOA News

   A U.S. federal appeals court threw out a mortgage fraud conviction
   Monday against Bank of America and dismissed a $1.2 billion fine
   against the country's second-biggest bank.

   The three-judge panel in New York ruled there was not enough evidence
   for a jury to find the bank liable at a 2013 trial.

   The judges said U.S. prosecutors failed to prove that Bank of America's
   Countrywide Financial division purposely set out to sell fraudulent
   mortgages.

   A Bank of America spokesman says the bank is pleased by the appeals
   court ruling. The U.S. Attorney's office in New York, which prosecuted
   the case, had no comment.

   The Justice Department charged Countrywide of purposely selling the
   government-backed mortgage providers thousands of bad loans that could
   never be paid back.

   Such bad loans helped bring on the global financial collapse and
   worldwide recession in 2008.
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   [1]http://www.voanews.com/content/appeals-court-tosses-billion-dollar-f
   ine-bank-america/3342900.html

References

   1. http://www.voanews.com/content/appeals-court-tosses-billion-dollar-fine-bank-america/3342900.html