October 29, 2018 / 11:20 PM / 22 days ago

Bank of America fights lawsuit accusing it of aiding Ponzi scheme

Bank of America has asked a federal judge in Florida to dismiss a proposed class action accusing it of aiding a $102 million nationwide Ponzi scheme, saying the investors suing the bank failed to show that it even had knowledge of the scheme.

In a motion on Friday, the bank said the investors at most alleged that the bank overlooked red flags or suspicious transactions, but such conduct does not constitute actual knowledge of fraud, a key requirement for an aiding and abetting claim.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2RhsQLa

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