U.S. Bank, Bank of America Win Dismissal of Mortgage Suits
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U.S. Bank N.A. and Bank of America Corp. won’t have to face lawsuits claiming they failed to safeguard the interests of investors as required by their contracts.
U.S. District Judge Katherine B. Forrest in Manhattan threw out three suits alleging breaches over mortgage-backed securities. The cases are part of a move by investors to target banks in their role as trustees of securities backed by home loans that defaulted after the 2008 credit crisis.