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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal

BoA’s legal woes go global after Norway’s sovereign wealth fund sues for mortgage fraud

Posted on 09 September 2011

It was only a matter of time. A few weeks after every money losing firm in the US and the kitchen sink disclosed it would sue Bank of America in an accelerating attempt to salvage something through litigation, the worst case scenario for Brian Moynhian just got real.
As of minutes ago, Norway’s Government Pension Fund, which is another name for its Sovereign Wealth Fund, has just announced it is suing Bank of America for mortgage fraud. Not only that but it is also going after Countrywide, obviously, but far more importantly, is also suing KPGM, the auditor on the Countrywide transaction, and, drumroll, ole’ Agent Orange himself……………………………………….Full Article: Source


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