A $95-million lawsuit filed by a BankAmerica...
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A $95-million lawsuit filed by a BankAmerica Corp. stockholder against past and present officers of the San Francisco-based company was reinstated by the 9th U.S. Circuit Court of Appeals. The court ruled that shareholder Ned Schwartz should be allowed to look into bank documents in an effort to back his claims that executives failed to investigate the soundness of loans and mortgage-backed securities in the early 1980s. The case is one of five stemming from BankAmerica Corp. acting as trustee and escrow agent for National Mortgage Equity Corp., a California mortgage broker, and West Pac Corp., a real estate development firm. Bank of America refused comment.
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