The government has given up its case against Bank of America Corp. in which it accused the bank’s Countrywide Financial Corp. unit of producing shoddy mortgage securities in the run-up to the financial crisis, reports Wall Street Journal staffer Christina Rexrode.
The Second U.S. Circuit Court of Appeals threw the case out in May. The U.S. attorney’s office in Manhattan, which had first brought the case in 2012, then asked the appeals court to reconsider its decision, a request the appeals court denied.
The U.S. attorney’s office had until Nov. 21 to ask the Supreme Court to look at the case, but did not elect to do so.