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Westlaw News

Bank of America faces racketeering lawsuit over private mortgage insurance

A new lawsuit accuses Bank of America of violating a federal anti-racketeering law by failing to tell borrowers about their right to cancel private mortgage insurance for their homes.

The proposed federal class action filed on Wednesday in Manhattan federal court by Andrea Basli, of Carmel, New York, seeks unspecified triple damages for Bank of America’s alleged fraudulent scheme to extract fees from unsuspecting borrowers.

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