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

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...

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