Law360, Los Angeles (November 4, 2015, 9:19 PM EST) -- The New York federal judge overseeing litigation against Bank of America and others accused of manipulating the London Interbank Offered Rate cleaned house in the multidistrict litigation Tuesday, dismissing student loan borrowers’ proposed class actions against the banks but keeping alive investors’, mortgage borrowers’ and other claims.Bank of America Corp. escaped a class action alleging its role in the accused rate manipulation scheme had rendered some of the student loans it wrote invalid, but must face claims by home loan borrowers who said the bank omitted key information about the interest rate benchmark used for their mortgages, U.S. District Judge... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
Bank of America Corp., along with others accused of manipulating the London Interbank Offered Rate in multi-district litigation in the US, will not be able to have all of the claims made against them dismissed. The judge dismissed class actions from student borrowers, but said that he will allow claims made by mortgage borrowers and other investors to process.