Justice Department Having Way Too Much Fun To Stop Suing Banks Now
It knows that it can’t keep Brian Moynihan hilariously squirming forever, so it’s looking for its next kicks.
“We will not shrink from litigating as long as we must to fulfill our law enforcement mandate,” Associate Attorney General Tony West said in a speech. “I would not be surprised if we were to see additional [residential mortgage-backed securities] lawsuits in the future….”
Mr. West said the Justice Department doesn’t intend to settle mortgage-backed securities cases when it begins investigating them. The only way for a bank to avoid going to court, he said, by paying penalties that match the level of misconduct, offering robust relief for consumers and agreeing to a statement of facts describing what it did wrong.
Top Justice Official Tells Banks Lawsuits May Be Coming [WSJ MoneyBeat blog]
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