Bank of America Corp. lawyers face a legal paradox, arguing a judge was right and wrong at the same time. The U.S. faces the same hurdle.
The bank praised U.S. Magistrate Judge David S. Cayer in Charlotte, N.C., for recommending the dismissal of a U.S. Justice Department fraud lawsuit over the lender’s issuance of mortgage-backed securities valued at $850 million. But it says he was wrong in recommending a related U.S. Securities and Exchange Commission suit should continue, just as the government argued the opposite.
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