Bank of America $2bn Bear Stearns lawsuit goes to court
A judge has ruled that Bank of America may pursue fraud charges against two former Bear Stearns hedge fund managers who allegedly lied to Bank of America in a desperate bid to raise capital.
Southern Manhattan district judge Kevin Castel refused to dismiss the contractual and fraud claims against the two men and Bear Stearns, which is now a unit of JP Morgan Chase. Bear Stearns's massive exposure to the US mortgage market led to its April 2008 Federal Reserve-brokered bailout and subsequent cut
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